Yet again, households in Nigeria may experience a strain in their pockets as imminent floods loom on the horizon.
Nigerians residing in 148 local government areas across 31 states are at risk of severe flooding this year and 249 LGAs in 35 states and the Federal Capital Territory (FCT) are within moderate flood risk areas, the 2024 Annual Flood Outlook (AFO) showed.
So far, cases of flooding have been recorded in 21 local governments in 11 states including Lagos, the FCT, Benue, Taraba, Nasarawa, Ogun, Osun, Edo, Kwara, Anambra, and Yobe, with attendant loss of lives and property.
This suggests that affected households may experience various levels of loss, ranging from business disruptions to job loss and financial instability, ultimately affecting livelihoods and sources of income.
This situation mirrors the challenges faced during the 2022 flooding experience.
The 2022 Floods Impacted Pockets
In 2022, numerous businesses in the six hardest-hit states in Nigeria suffered financial losses including full and partial business closures, increases in operating costs, revenue losses, and job losses.
Among the 3,600 households surveyed in the Flood Assessment Report, 91.3 percent reported substantial disruptions to their businesses.
That sounds like a lot!
These businesses recorded varying degrees of damage. There was a total loss of business, physical damage to structures, downsizing of the entire business, loss in revenue, and increase in operation costs.
Similarly, 80 percent of the respondents indicated that their jobs were affected by the floods.
In terms of the extent of the impact on their jobs, 69 percent reported wage reduction while 47.9 percent affirmed to outright loss of their jobs.
This trend illustrates the significant risks associated with disasters such as flooding, which can directly impact personal finances.
A reduced wage may strain the pocket after all!
And outright job loss? That may be a total drain on finances.
Businesses or jobs affected by these events often struggle to recover fully.
The case was not different for the households whose businesses and jobs were affected by the 2022 floods.