All Posts in "Day: October 19, 2022"

Global Center on Adaptation, Invesco collaborate on climate adaptation

By Favour Nnabugwu

 

 

The Global Center on Adaptation (GCA) signs its first cooperation agreement with the EMEA division of Invesco focused on an investment strategy in the climate adaptation space.

The agreement, expected to become fully operational at COP27, is specifically targeted at exploring a blended finance strategy that aims to increase adaptation investment in developing markets.

The MoU was signed at the margins of the ongoing Finance in Commons Summit organised by the African Development Bank and the European Investment Bank in Abidjan, Cote d’Ivoire.Invesco is an independent investment management firm that offers a wide range of single-country, regional and global capabilities across primary equity, fixed income, and alternative asset classes, delivered through a diverse set of investment vehicles.

Invesco is a signatory to the Task Force on Climate-related Financial Disclosure (TCFD), the Principles for Responsible Investment (PRI), Climate Action 100+ and CDP2 (score B in 2020); and has adopted the Network for Greening the Financial System’s (NGFS) scenarios to assess physical and transition risks across a broader range of asset classes.

GCA is an international organization that aims to accelerate action and support for adaptation solutions in partnership with the public and private sector.Speaking during the signing ceremony, Professor Patrick Verkooijen, CEO of the Global Center on Adaptation said: “Private sector investments currently make up less than 2% of climate adaptation spending. We hope through working closely with our partners at Invesco we will be able to unlock and mobilize more private capital to prepare for and respond to the physical impacts of climate change.

”Matthieu Grosclaude Chief Operating Officer EMEA at Invesco commented:“We are very pleased to be partnering with the GCA on this important initiative to accelerate climate adaptation finance. It aligns strongly with our strong investment capabilities in emerging markets and our continued focus on clients’ partnerships. We very much look forward to working together to build a climate resilient future.

Patoma Admin by — October 19, 2022 in Industry, Trade & Investment 0
Nigeria has potentials to generate $600m from agriculture insurance premium

By Favour Nnabugwu
Nigeria has the potential to generate nothing less than USD 600 million of agriculture insurance premium in a year
Deputy Managing Director/COO, Africa Reinsurance Corporation, Ken Aghoghovbia of Africa Reinsurance Corporation (Africa Re) at the opening Africa Re Agriculture Insurance Workshop in Lagos, said owing to the vax farming in the country against the USD 10 million reported during the year 2021.
He noted that there is a gap of $590 million untapped insurance potentials in the country.
Aghoghobvia stated that these bright economic prospects, provide huge opportunities for insurance companies to innovate and provide risk transfer solutions to cover the inherent risks associated with farming activities.
He stressed that agriculture remains a key contributor to Nigeria’s Gross Domestic Product (GDP) and like in many emerging economies, accounts for 30 per cent of the country’s total economic output; providing employment to at least 35 per cent of its over 200 million population.
He submitted that with sustained pressure on food security, arising from the increasing population and the government’s push to diversify the economy, agriculture will continue to be a key area of focus in many years to come, adding that sadly, this undertaking is undermined by the limited investments in the sector, and the uncertainties resulting from the effects of climate change.
Aghoghovbia maintained that since 2017, the agriculture class of business has generated a lot of interest from several market players and currently, at least 16 insurance companies have received NAICOM’s approval to underwrite the business, thus complementing the efforts of the Nigeria Agriculture Insurance Company (NAIC).
He stated that the prominence of small holder farmers in Nigeria’s food production systems dictates that partners explore new approaches to providing effective and affordable insurance products.
“In line with our mission to support the development of African economies including that of our beloved country Nigeria, Africa Re recognizes the significance of the agriculture sector in fulfilling the aspirations of many farming households.
“Therefore, our team endeavors to work with like minded partners, like yourselves, to make the agriculture class of insurance business a significant contributor to the ambition of increasing insurance penetration in Nigeria and indeed the entire region,” he stated.
He posited that at Africa Re, they are deliberate about leveraging their wide range of expertise and knowledge, backed by solid financial strength, to provide the much needed reinsurance capacity in the agriculture sector, stating that over the last five years, the market has seen exponential growth in insurance premiums from agriculture, but this growth has been overshadowed by the unfavorable loss experience.
“This poor performance reveals the need for the market to invest more in stakeholder engagement including training, aimed at improving underwriting skills as well as claims handling capabilities,” he said.
He said agriculture insurance is still in its formative years in the country, hence the workshop which is aimed at providing a platform for candid conversations with a view to developing homegrown solutions to move the agriculture sector in Nigeria to the next level
The Africa Re. DMD, noted that whereas a lot of work has already been done in addressing some of these challenges, Africa Re recognizes the need for continuous improvement especially during this ever-changing business environment and hopes that the workshop will help to move all stakeholders towards the desired.
Patoma Admin by — October 19, 2022 in Insurance 0
13,000 Civil Servants For 2022 confirmation exams

By Favour Nnabugwu

 

 

Over 13,000 officers from the core Civil Service, the Nigeria Police; and other Para-military and specialized Agencies will take part in the 2022 confirmation

The Office of the Head of the Civil Service of the Federation, OHCSF, stated that it has concluded plans to conduct the 2022 Annual Public Service confirmation examination, nationwide, adding that the examination will be a Computer-Based Test, CBT.

A statement by the Deputy Director of Communications, Mr Mohammed Ahmed, on Monday, said this was part of the ongoing efforts to digitize activities and work processes in the Federal Civil Service.

Ahmed explained that the Combined Confirmation/Promotion Examination (COMPRO) for Junior Staff and the Compulsory Confirmation Examination for Senior Staff are the two Mandatory Confirmation Examinations in the Public Service, including the Police and Para-Military Agencies. “They are not an option but a mandatory requirement.”

The statement reads in part: “Since inception, the examinations have been conducted through manual processes across the 36 States of the Federation and the FCT.

All newly recruited officers in the Federal Public Service are required to sit for and pass the examination as a pre-requisite for the confirmation of their appointments.

Patoma Admin by — October 19, 2022 in Education 0