ADVERTISEMENT
Friday, June 12, 2026
Tech | Business | Economy
No Result
View All Result
  • Technology
    • Trends
    • Telecoms
      • Broadband
    • ConsumerTech
      • Gadgets and Appliances
      • Apps
      • Accessories
      • Reviews
      • Unboxing
    • EnterpriseTECH
    • Security & Data Protection
    • How To
  • Business
    • Company News
    • StartUPs
      • Founder’s Story
      • Funding
    • Deals
    • People & Moves
    • SME & Entrepreneur Focus
    • BUSINESS SENSE FOR SMEs
    • Competition & Market Positioning
    • Commerce & Mobility
    • Travel
    • WomenPreneurs
  • Economy
    • Macroeconomic Trends
      • Macro Monday
      • TE Insights
    • Finance
      • Banks
      • Fintech
      • Insurance
      • Digital Assets
      • Personal Finance
    • Policies
      • Tech & Society
    • Market Analysis
    • Jobs & Workforce Economy
  • Features
    • Guest Writer
      • Chidiverse
      • Digital Assets
      • GameTech
    • EventDIARY
    • IndustryINFLUENCERS
    • MarkTECH
    • TBS
    • NewsEXTRA
  • Editorial
  • Brand Content
  • TECHECONOMY TV
Friday, June 12, 2026
Tech | Business | Economy
No Result
View All Result
Tech | Business | Economy
No Result
View All Result

[REPORT] Nigeria Incurred $6.68b Economic Loss from Floods in 2022

Justice Godfrey Okamgba by Justice Godfrey Okamgba
January 28, 2023
in Finance
Reading Time: 2 mins read
1
Floods

In 2022, many states in Nigeria experienced flooding, a common natural hazard. The level of apprehension at that time was massive. The flood wrecked many households, businesses, and infrastructure, as well as fatalities.

The Nigerian government calculated that the Federal Capital Territory (FCT) and the 36 states of the federation suffered a direct median economic loss of $6.68 billion as a result of the country’s floods last year.

Sadiya Umar Farouq, Minister of Humanitarian Affairs, Disaster Management, and Social Development, announced this in Abuja, Friday during the presentation of the Global Rapid (Post Disaster) Damage Estimation (GRADE) Assessment Report of Nigeria’s flood situation in 2022.

According to the research, the damage incurred was in the range of $3.79 billion to $9.12 billion based on currently disclosed information as of November 25, 2023.

Farouq, who presented the report’s primary results, stated that the 2022 flood, considered the worst in the country, hit all 36 states and the FCT.

Subscribe to our Telegram channel for the latest updates.

Follow the latest developments with instant alerts on breaking news, top stories, and trending headlines.

Join Channel

“This analysis estimates that the total direct economic damages, based on currently reported statistics as of November 25th, are in the range of US$3.79 billion to US$9.12 billion, with the best (median) estimate at US$6.68 billion.

“This includes damages to residential and non-residential buildings (including building contents), as well as damages to infrastructure, productive sectors, and cropland,” Farouq said.

According to the report, the considerable damage to infrastructure, including roads, irrigation, and river infrastructure, as well as WASH and energy facilities, is projected to be over $1.23 billion.

The value of residential buildings damaged across the country was estimated to be $2.3 billion.

She also stated that the flood affected between 4.4 million and 4.9 million people or around 2% of the country’s population.

The report stated that agricultural crops, associated water infrastructure, fisheries, and livestock were severely damaged, with over 650,000 hectares of crops devastated. It anticipated $1.8 billion in damage to the agricultural sector.

According to the research, the hardest impacted states are Jigawa, Rivers, Taraba, Cross River, and Delta.

“On a general note, the GRADE assessment gives an overview of the nature of the flood disaster and its impact across Nigeria.

It had the sectoral and state-by-state effect that is critical for planning. It becomes a vital tool for understanding the effects of the flood on people, their coping capacity, and which groups are the most vulnerable.

It can also be used to identify the most urgent recovery needs and the best methods for the reconstruction of critical sectors and infrastructure,” Farouq said.

 

0Shares
Previous Post

Fresh Start with LG Home Appliances

Next Post

AfDB, Partners Commit $30b to Food Security in Nigeria, other African Countries

Justice Godfrey Okamgba

Justice Godfrey Okamgba

Related Posts

Yellow Card in Fortune Crypto Innovators list | co-founders

Fortune Names Yellow Card among Top Global Crypto Innovators

June 11, 2026
Dangote Refinery valuation, private placement demand

Dangote Refinery Valued at $39.1bn as $1bn Share Sale Draws Strong Investor Demand

June 11, 2026

How a Regular Savings Culture Can Support Long-Term Financial Stability 

June 10, 2026
Load More
Next Post
AfDB

AfDB, Partners Commit $30b to Food Security in Nigeria, other African Countries

Comments 1

  1. Pingback: Ahead Raining Season – How AI Can Assist in Flood Prediction | Tech | Business | Economy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast
Techeconomy Podcast

The Techeconomy Podcast is a thought-leadership show exploring the powerful intersection of technology, business, and the economy, with a strong focus on Africa’s fast-evolving digital landscape.

Financing the Future: Venture Debt, Local Capital & African Innovation | TBS May 2026 Webinar
byTecheconomy

Africa’s innovation ecosystem is evolving, but where will the funding for the next generation of startups come from?

In this edition of the Techeconomy Business Series (TBS) May 2026, industry experts explore how local capital, venture debt, and smarter investment structures are redefining startup growth and innovation across Africa.

🎙️ Featured Speakers:

* Ebunoluwa Ashley-Dejo

* Damilare Davola

* Success Ajilore (STN & Accelerated Plus)

Key conversations in this webinar include:

✔️ The future of startup financing in Africa

✔️ Venture debt and alternative funding models

✔️ The role of local investors in scaling innovation

✔️ Sustainable investment strategies for African startups

✔️ Opportunities and challenges in the African tech ecosystem

Subscribe for more conversations shaping Africa’s digital economy and innovation landscape.

#TBS2026 #AfricanInnovation #VentureDebt #StartupFinance #TechInAfrica #Techeconomy #AfricanStartups #InnovationEconomy

Financing the Future: Venture Debt, Local Capital & African Innovation | TBS May 2026 Webinar
Financing the Future: Venture Debt, Local Capital & African Innovation | TBS May 2026 Webinar
May 27, 2026
Techeconomy
PROTECTING INNOVATION IN AFRICA’S STARTUP ECOSYSTEM
April 29, 2026
Techeconomy
BUILDING TRUST IN AFRICA ECOSYSTEM
February 27, 2026
Techeconomy
Navigating a Career in Tech Sales
January 29, 2026
Techeconomy
How Technology is Transforming Education, Health, and Business
November 27, 2025
Techeconomy
Search Results placeholder
MTN Live It 100 Thematic Campaign
ADVERTISEMENT
  • About Us
  • Careers
  • Contact Us
  • Privacy Policy

© 2026 TECHECONOMY.

No Result
View All Result
  • Technology
  • Business
  • Economy
  • Features
  • Editorial
  • Brand Content
  • TECHECONOMY TV

© 2026 TECHECONOMY.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.