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Introduction

Country: Nigeria

Classification: National Consultant

Currency: Naira

Description of the Assignment: National Consultant for the Development of National Disaster Risk Finance Strategy

DURATION OF THE WORK: 15 working days.

Location: Homebased (Nigeria), with occasional travel to Abuja.

Background

The United Nations Development Programme (UNDP) is a global organization with 17,000 staff working in approximately 170 offices globally towards supporting governments in developing strong policies, institutions and partnerships to achieve the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals. UNDP’s policy work carried out at HQ, Regional and Country Office levels, forms a contiguous spectrum of deep local knowledge to cutting-edge global perspectives and advocacy. In this context, UNDP invests in the Global Policy Network (GPN), a network of field-based and global technical expertise across a wide range of knowledge domains and in support of the signature solutions and organizational capabilities envisioned in the Strategic Plan. Within the GPN, the Bureau for Policy and Programme Support (BPPS) has the responsibility for developing all relevant policy and guidance to support the results of UNDP’s Strategic Plan.

In 2021, UNDP launched the Insurance and Risk Finance Facility (IRFF), a dedicated resource for UNDP Country Offices and country partners worldwide, within the Sustainable Finance Hub. The IRFF is a flagship initiative which focuses on inclusive insurance, sovereign risk financing, insurance investments, natural capital and other areas where insurance and risk transfer solutions can contribute significantly to the achievement and delivery of the Sustainable Development Goals (SDGs). The IRFF aims to foster financial resilience and underpin sustainable development by harnessing the power of insurance and risk financing. It focuses on vulnerable populations, communities, and fragile ecosystems, particularly developing innovative insurance solutions and services. By aligning national and sub-national priorities, IRFF offers a variety of resources, including policy advisory, tools, and networking opportunities that increase resilience against diverse societal and environmental shocks. The overarching goal is to forge a robust financial resilience against escalating climate risks through inclusive insurance and risk financing mechanisms. IRFF is currently working in more than 34 countries and will move to 50 countries by 2025. All IRFF’s work is aligned to the goals of InsuResilience Vision 2025 which aims to cover 500 million people with insurance solutions in developing countries in the next three years.

UNDP Nigeria, through its IRFF programme, is working with both the government and the private sector, paving the way for innovative insurance solutions that address the myraid challenges of climate change, economic growth, resilience, vulnerability and poverty

reduction. This initiative aims to stimulate the creation and delivery of innovative risk financing and insurance products, tools, and services, while simultaneously driving long-term insurance and risk financing market transformation in Nigeria.

Context

The Nigeria Flood Impact, Recovery, and Mitigation Assessment Report (2022–2023) highlights the severe impact of flooding in several Nigerian states, with Anambra being one of the most affected. The report estimates the total direct economic damages at about $6.68 billion as at November 2022. Over 1,302,789 people were directly affected, with Anambra state alone accounting for 42.1% of households severely impacted by the 2022 flood event. With a 99.3% probability of flooding events occurring at least 1-5 times in the past five years, recovery from such disasters remains a significant challenge. Anambra recorded the second-highest displacement rate at 63.7%, and 58.0% of the population lacks protective measures against future floods. Additionally, no one in Anambra was able to access the community disaster fund. The report recommends developing a Risk Financing and Insurance solution to improve recovery mechanisms and financial resilience against future flood events.

Objective

The primary objective of this feasibility study is to assess the potential for developing a risk financing solution in Anambra State. This study aims to provide detailed insights and recommendations on implementing a sustainable risk financing mechanism to support flood recovery and enhance the financial resilience of the state’s residents and economy.

Scope of Work

The selected consultant or consulting firm will be tasked with collecting and analyzing data on the frequency and impact of floods in Anambra State, reviewing existing risk financing and insurance solutions in similar contexts, engaging with key stakeholders through interviews and focus groups to gather insights on the proposed risk financing solution, evaluating the current risk landscape and vulnerability of the state’s population and infrastructure to flooding, assessing the financial implications of recurrent floods, and analyzing the feasibility of various risk financing mechanisms—including insurance schemes, catastrophe bonds, and disaster risk funds—while considering the necessary legal, regulatory, and institutional frameworks for implementation.

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