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Strategies of
Environmental Risk Management in Nigeria
Sunday C. Nwite
Senior Lecturer, Department Of Banking And Finance,
Ebonyi State University – Abakaliki
PHONE NO: 080-37743134, E-MAIL:
nwitewhite2006@yahoo.com :
sunnynwite@gmail.com
Accepted 10 December
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Environmental risk simply
refers to disasters which affect lives and
properties within environment as a result of the
action of man and other natural phenomenon. There
are several types of environmental risks in Nigeria
today ranging from pollution, global warming, ozone
layer deplation, land degradation, flooding,
deforestation, soil erosion and atmospheric
contamination, this study therefore, evaluates the
various strategies of environmental risk management
in Nigeria. The study shows that there are various
strategies of environmental risk management which
include; risk avoidance, risk reduction, risk
retention, risk transfer, diversification, opening
of contingency fund and by insurance arrangement. It
was discovered that among the various option for
environmental risk management, insurance is the best
option. The implications of using insurance in
environmental risk management includes; better
spreading of risk, reduction of losses, effective
environmental survey and risk control measures, and
risk management advisory services. Recommendations
were made that government should embark on
aggressive environmental risk management campaign,
sensitize Nigerians about the dangers of
environmental hazards/risks and possible strategies
of managing them, laws should be enacted to help
protect our environment, there is need for proper
urban and rural planning, industrial areas should be
located out-sketch of the town to prevent pollution,
there is need for regular environmental survey to
help predict future environmental hazards/risks such
as flooding, drought etc.
Keywords:
Risk, environment, risk survey, risk management
strategies, pollution/hazard.
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