The state of Lagos in Nigeria has taken out a $7.5 million flood insurance policy, aiming to protect more than four million vulnerable people.
It is 90% funded by the InsuResilience Solutions Fund, affiliated with the United Nations Development Programme and the World Bank Group, with the Lagos State government covering the remainder. It aims to protect at least four million vulnerable people.
The city is regularly plagued by rising sea levels and flooding linked to climate change, endangering its 22 million inhabitants.
The inaction in the face of the phenomenon will cost the finances of Nigeria's economic capital up to $40 billion by 2050, according to authorities.
Tags:
africaaustralia
