Economy
Nigeria, Others May Lose $500bn Yearly to Climate Change—Report
By Aduragbemi Omiyale
There are fears that Nigeria and other developing countries across the globe could lose as much as $500 billion per year to natural disaster damages triggered by climate change by 2050 if urgent steps are not taken to avert this.
In a Fair Tech Institute whitepaper released by Access Partnership, a leading global public policy firm for the technology sector, it was stated that currently, the agricultural sector of the economies of these nations has lost about $108 billion to natural disasters through damaged crops and livestock production.
As a result, the paper is advising governments and the private sector to quickly leverage satellite technology for more effective disaster management efforts in Africa and globally.
According to the whitepaper, this increased frequency of natural disasters is set to overwhelm National Emergency Telecommunications Plans (NETPs) and terrestrial service providers currently in place to minimise and mitigate the human and economic cost of adverse weather events.
“Putting in place satellite services and next-generation satellite-enabled connectivity can mean the difference between saving millions of lives and losing them,” says Ivan Suarez, senior policy manager at Access Partnership, adding that this move can also reduce government expenditure during and post-disaster.
Providing unique data, the document forecasts the economic impact and future burden countries will face if disaster communications planning is not taken seriously. “The impact of natural disasters will be concentrated among low- and middle-income countries, which are relatively less prepared to adapt,” adds Suarez.
To reduce the socioeconomic impact of climate-related disasters, governments are encouraged to increase investment in physical and social infrastructure and allow for the upscaling and acceleration of far-reaching, transformational adaptation strategies. This includes the effective use of satellite networks and next-generation satellite technology.
“As shown by this study, we need a concerted effort to fix the underlying inefficiencies of our current, existing communication systems. The paper highlights that the availability of communication networks is directly related to the ability to respond quickly to emergencies,” Suarez concludes.
The whitepaper emphasises the need for the development of emergency telecommunication plans (NETPs) given the crucial role telecoms can play in saving lives and protecting communities when disasters strike.
Considering their unpreparedness to bear the financial costs and the need to protect human lives, collaborative efforts between governments and the private sector are urgently needed to maintain adequate NETPs.
This whitepaper is coming after organisations like the Intergovernmental Panel on Climate Change, the International Monetary Fund (IMF), the World Bank, Vision of Humanity and the World Meteorological Organization (WMO) all agree that weather-related disasters are likely to become more frequent and widespread in coming years, thanks to climate change.
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
