Business
FG Launches Flood Insurance Policy
The Federal Government has introduced a National Flood Insurance Policy (NFIP) to provide a financial safety net for individuals, businesses, and communities frequently affected by flooding across Nigeria.
The initiative was announced on Thursday in Abuja at a Technical Committee Meeting (TCM) focused on the development and implementation of the new insurance policy, as reported by the News Agency of Nigeria (NAN).
According to the Ministry of Environment, the NFIP is designed to reduce the financial burden on federal and state governments, while also offering protection to citizens and businesses facing flood-related losses.
Speaking at the event, Mr. Mahmud Kambari, Permanent Secretary at the Ministry of Environment, represented by Mr. Kunle Awojemila, Deputy Director of Flood Erosion Control, said the policy shifts from reactive response to proactive flood risk management. He added that it aligns with Section Four of the National Erosion and Flood Control Policy, which focuses on long-term resilience.
“The Federal Government has adopted a National Flood Insurance Policy (NFIP) aimed at addressing the growing threat of flood-related disasters across the country,” the NAN report read in part.
The report further stated, “The Permanent Secretary of the Ministry of Environment, Mr Mahmud Kambari, said the policy would reduce the financial burden on both federal and state governments currently allocated to emergency relief and post-disaster reconstruction.
“He added that the NFIP would serve as a financial safety net for individuals, businesses, and communities, enabling swift recovery from flood-induced losses and ensuring long-term resilience.”
Kambari explained that the programme is designed to provide financial protection and support rapid recovery from flood-related losses. He noted that its implementation would include clearly defined timelines, assigned responsibilities, and mechanisms for effective monitoring.
Also speaking at the event, Mrs. Rubaiyat El Rufai, Special Adviser to the President on National Economic Council and Climate Change, highlighted the urgency of the initiative.
Represented by Mrs. Inna Audu, Special Assistant to the President on Humanitarian Affairs, she pointed out that many agrarian communities along the River Benue and River Niger suffer significant damage from seasonal flooding.
She described insurance as a preparedness mechanism rather than a post-disaster response, stressing the importance of proactive contributions to create a fund for emergencies.
El Rufai noted that trillions of naira have been lost over the years due to floods—damaging farms, properties, and livelihoods—and while human lives cannot be quantified, financial protection can help prevent the most vulnerable from falling into deeper hardship.
She further advocated for dedicated flood insurance schemes, explaining that general insurance policies often fail to adequately address flood-specific risks. In her view, standalone coverage would enable better risk management and facilitate long-term recovery for affected communities.
The Director of the Erosion and Coastal Zone Management Department, Mr. Usman Bokani, represented by Assistant Director Mr. Abdullahi Atta, said the national framework would guide the development of an inclusive flood insurance system, incorporating financing models, community-level delivery, risk pooling, and regulatory alignment.
Nairametrics.com
Fresh petrol depot prices have emerged across Nigeria as marketers adjust to rising crude oil prices and renewed tensions in the Middle East.
The latest pricing changes come amid growing uncertainty in the global energy market following fresh military exchanges between the United States and Iran near the Strait of Hormuz, one of the world’s most important oil transit routes.
ndustry data tracked by PetroleumPriceNG and monitored by Legit.ng show that depot owners raised their Premium Motor Spirit (PMS) prices as a protective measure against potential losses linked to volatile international oil prices.
Global crude oil prices climbed during early trading on Wednesday, June 10, 2026, after the United States launched strikes on Iranian military infrastructure near the Strait of Hormuz.
As of 5:08 a.m. WAT, Brent crude rose by 1.03% to $92.39 per barrel, while the U.S. West Texas Intermediate (WTI) crude gained 0.91% to trade at $89.00 per barrel, according to a report by Oilprice.com
The market rally followed reports that American forces targeted Iranian air defence systems, radar installations and surveillance facilities after Washington accused Tehran of bringing down a U.S. Army Apache helicopter operating within the region.
The U.S. Central Command described the strikes as a defensive response. However, Iran denied responsibility for the helicopter incident and accused the United States of escalating tensions unnecessarily. The development has raised fears of a broader regional conflict that could disrupt global crude oil supplies.
Checks across fuel depots nationwide show that marketers have adjusted their petrol prices upward in response to the changing global market conditions.
According to the latest data: AIPEC now sells petrol at N1,247 per litre RainOil Lagos sells at N1,248 per litre Integrated depot price stands at N1,247 per litre Liquid Bulk has also fixed its price at N1,248 per litre Industry experts say the latest adjustments are largely precautionary as marketers attempt to shield themselves from potential losses should crude oil prices continue to rise.
The cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
The development comes days after the mega refinery reduced its ex-depot petrol price from N1,275 to N1,250 per litre in response to changing market conditions.
The latest MEMAN pricing template suggests that fuel importers may now enjoy a competitive edge over domestic refiners as international crude prices continue to soften. Aside from petrol, the landing costs of other petroleum products also recorded notable declines.
According to the data, diesel landing cost dropped to N1,470 per litre, compared to Dangote Refinery’s price of N1,700 per litre. Aviation Turbine Kerosene (ATK), commonly known as aviation fuel, also fell to N1,426 per litre, while Dangote’s price remains N1,650 per litre.
MEMAN estimated the exchange rate for fuel imports at N1,366.85 per dollar, reflecting the prevailing official foreign exchange rate at the time of the calculation.
Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.
This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.
The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.
According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.
Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.
Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.
Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.
The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.
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