Global Advanced Research Journal of Management and Business Studies (GARJMBS) ISSN: 2315-5086 January 2014 Vol. 3(1), pp 011-015

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Review

Strategies of Environmental Risk Management in Nigeria 

Sunday C. Nwite 

Senior Lecturer, Department Of Banking And Finance, Ebonyi State University – AbakalikiPHONE NO: 080-37743134,

E-MAIL: nwitewhite2006@yahoo.com :  sunnynwite@gmail.com 

Accepted 10 December

Abstract

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.