• Governor Sanwo-Olu Unveils $7.5m Climate Risk Safety Net; Targets 4 Million vulnerable Residents in 7 LGAs
The Lagos State Government reaffirmed its dedication to innovative, inclusive, and sustainable policies with the launch of the Lagos Flood Risk Insurance Policy. This pioneeringinitiative is designed to protect vulnerable residents, safeguard livelihoods, and strengthen the State’s capacity to respond swiftly to flood-related disasters.
The project is a result of a tripartite partnership involving the Lagos State Government, the German Government (through the InsuResilience Solutions Fund/KfW Development Bank), the United Nations Development Programme (UNDP), and the Insurance Development Forum (IDF).
Speaking at the launch held on Wednesday, 29th April 2026, at the Radisson Blu Hotel, Victoria Island, Governor BabajideOlusola Sanwo-Olu represented by the Secretary to the State Government, Barrister Abimbola Salu-Hundeyin, described the policy as a fulfilment of his administration’s promise to govern with foresight and build systems capable of anticipating and absorbing environmental shocks.
Governor Sanwo-Olu noted that the project marks a departure from traditional, reactive disaster response. “The Lagos Flood Risk Insurance Project is a parametric flood insurance policy, the first sub-sovereign climate risk transfer solution of its kind in Nigeria. It does not wait for damage assessments before releasing funds. It does not require lengthy claims processes. The moment pre-agreed flood triggers are met, verified through satellite data and advanced flood modelling provided by our partners, financial resources are released automatically to the Lagos State Government, enabling us to deploy disaster relief and direct cash transfers to affected communities within the shortest possible time,” he stated.
The Governor disclosed that the policy covers up to four million vulnerable residents across seven pilot Local Government Areas: Alimosho, Ajeromi-Ifelodun, Amuwo-Odofin, Apapa, Kosofe, Somolu, and Ojo, providing a potential coverage of up to $7.5 million in the event of a flood.
Addressing the viability of the programme, the Governor highlighted the support of the InsuResilience Solutions Fund, which is funding 90 per cent of the first-year premium, while Lagos State contributes the remaining 10 per cent. He assured that the State Government is committed to progressively increasing its contribution in subsequent years to ensure long-term sustainability and institutionalisation of climate risk financing.
He further urged Lagosians, especially those in flood-prone communities, to ensure their registration with the Lagos State Residents Registration Agency (LASRRA) is up to date, as the database will be used to facilitate seamless and direct disbursement of support to affected individuals when flood triggers are activated.
The Governor commended development partners, including the United Nations Development Programme, the Insurance Development Forum, the World Bank, the African Development Bank, the European Union, and private sector partners such as AXA Climate and Swiss Re, for their technical expertise and collaboration in bringing the project to fruition.
Earlier in his welcome address, the Honourable Commissioner for Finance, Mr. Abayomi Oluyomi, noted that the insurance pay-out mechanism would be seamlessly integrated into the State’s social protection framework. He explained that the government would leverage the Lagos State Residents Registration Agency (LASRRA) database to identify and reach affected persons.
Also speaking at the event, the Special Adviser to the Governor on Sustainable Development Goals, Dr. Oreoluwa Finnih, highlighted the strategic alignment of the initiative with the State’s broader disaster risk financing framework and the Sustainable Development Goals (SDGs), particularly Goals 1, 11, and 13. She explained that the scheme represents a paradigm shift toward data-driven, anticipatory governance, designed to deliver immediate funds for emergency response and social protection.
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