The 2022 floods in various parts of Nigeria led to an estimated economic loss of $9.12bn (N4.2tn as at Friday’s official exchange rate of N460.78/$), the Federal Government announced on Friday.
Farouq explained that the number of persons affected rose above 4.9 million as of November 25, 2022, with significant damage to infrastructure, including roads, irrigation and river, as well as electricity projects, with around $1.23bn in damage expected.
“It was developed using the empirical data defined in this document, calibrated against historical data and experience, including the 2012 Nigeria Floods . The period of analysis is from June 2022 to November, 25, 2022,” the minister stated. The Permanent Secretary of the ministry, Nasir Sani-Gwarzo, said the ministry and the National Emergency Management Agency jointly sought a preliminary and quantitative spatial damage assessment, which was considered to be faster than a traditional Post Disaster Needs Assessment and fairly accurate, with technical support from the World Bank Group.
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