When the Nigerian seasonal rains unravel, the skies open up, and the impact of the downpour is felt far and wide without respect for inclinations or affiliations. This rainfall season can spell disaster or opportunity for households and businesses, depending on their preparedness. With an annual average rainfall ranging from 1,200mm in the northern regions to a staggering 4,000mm in the southern coastal areas, Nigeria’s rainy season is a force to be reckoned with. The torrential deluges often lead to significant flooding, especially in densely populated urban centres such as Lagos, Port Harcourt and Ibadan.
The consequences of these heavy rains are more than just wet roads and inconvenient commutes. According to recent reports, Nigerian businesses collectively suffer multi-billion losses annually due to flooding and other rain-related disruptions. In 2022, Punch Newspaper reported that the floods in various parts of Nigeria led to an estimated economic loss of $9.12bn. These losses stem from damaged infrastructure, halted production lines disrupted supply chains, and decreased consumer foot traffic as people stay indoors.
Two years ago, Lagos, Nigeria’s commercial brainbox, experienced over 200 days of rainfall, with some areas recording up to 2,500mm of rain. This led to severe flooding that submerged roads, damaged vehicles, and prolonged power outages. For many businesses, the aftermath included costly repairs and significant downtime, impacting their bottom lines and operational capabilities.
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Commercial Regional Director, Leadway Assurance
The statistical lived experience indicates that Nigeria’s rainy season and climate change are becoming daunting socio-economic realities. But the catastrophes are surmountable for those who take proactive steps to thrive despite the odds. Here’s a step-by-step guide to help you overcome these challenges and emerge stronger.
1: Do Not Be Caught Unawares
To prepare for this season, identify your business’s vulnerabilities during rainy seasons. Consider location, proximity to flood-prone areas, and historical weather patterns. Ensure you use reliable data from local meteorological agencies and historical flood maps to assess flood risk levels accurately.
Physical mitigation measures are essential to minimise flood damage to business premises and assets. Installing flood barriers, elevating electrical equipment above potential flood levels, and waterproofing critical infrastructure are effective strategies to safeguard against water intrusion.
Maintaining unrestrained drainage systems and implementing responsible waste disposal practices further reduces the risk of water accumulation during heavy rainfall, thereby mitigating flood impacts.
2: Develop a Business Continuity Plan
Create a comprehensive business continuity plan for rainy season challenges. This plan should include protocols for emergency response, employee safety procedures, and communication strategies with stakeholders. Conduct regular drills to familiarise employees with emergency protocols and ensure readiness to respond promptly to flood alerts and other weather-related emergencies. This is particularly important for businesses that physically receive customers with a recent example being a brand in a viral social media video showing employees overwhelmed in their offices by severe flooding.
3: Build Resilient Supply Chains
The heart of any business, especially retail, is its effective logistics and supply chain capabilities. Rain and floods can strike this delicate spot of the enterprise during severe downpours. So, it is recommended that businesses diversify their supply chains and establish contingency plans to mitigate disruptions caused by heavy rainfall. Maintain clear communication channels with suppliers to monitor weather forecasts and anticipate potential delivery delays. Consider stockpiling essential inventory to cushion against temporary disruptions and ensure business operations continue smoothly
despite adverse weather conditions.
4: Have a Reliable Business Partner
The most important part of navigating these uncertainties is having a reliable business partner who understands, protects, and provides a come-back plan for every unpalatable situation and circumstance. That’s where Leadway Assurance comes in.
With over 50 years of experience in the insurance industry, Nigeria’s leading insurer established itself as the most reliable business partner for Nigerian businesses.
As a proactive partner, Leadway offers insurance packages that cover Property, Marine and SMEs, providing comprehensive protection and peace of mind to concentrate on driving business objectives.
The Property insurance package provides coverage for businesses against damage to property and assets. This includes buildings, equipment, and inventory, protecting your business against unforeseen events such as fires, floods, and theft. The product also covers business interruption, ensuring that businesses can continue operating even in a disaster.
The Marine insurance package is designed specifically for businesses that engage in international trade. This package covers transit goods, including damage, loss, and liability. It also covers other global trade risks, such as customs rejection and disputes.
The SME insurance package is an entry-level package explicitly customised for small and medium-sized enterprises. It protects their property, liability, and business interruption. The policy also covers other risks associated with running a small business, such as cyber-attacks and business disputes.
Leadway Assurance understands that every business is unique and has its own set of challenges and goals. Its team of experts help forge a customized insurance solution that meets your specific requirements, including floods and natural perils.
Want to know more? Please get in touch with our team of experts to learn more about the business insurance solutions we offer. You can also scan the provided QR Code to get started. Alternatively, you can also contact our team of expert advisors at +23470022559466 or via WhatsApp at +2349040760684 for advice and assistance or visit the Leadway Assurance website at www.leadway.com.