Nigeria- Governor of Lagos State, Mr. Babatunde Fashola has said that
individuals have a responsibility to manage risks for the betterment of their
lives.
Fashola said that people should have the awareness of the existence of
risk as a natural phenomenon to human existence.
He said, "We are often impervious to the risks we face on a daily
basis. Risk here is the probability or the threat of damage, loss, injury or
any other negative occurrence that is caused by external or internal
vulnerabilities, the consequences of which may be avoided through preemptive
action.
"In other words, it can simply be described as the probability of
losing something of value for example physical health, property or social
status. Risk management refers to the steps we take to mitigate or eradicate
the risk."
Fashola said that as a government, they are responsible for the
wellbeing and welfare of the people they serve, stating, "We have a
responsibility to provide social security for both the young and the elderly; a
responsibility to provide security of lives and property and also a
responsibility to ensure that the infrastructures put in place are properly
maintained in a way and manner that the State can be described as having a
developed economy status.
According to him, where they fail to take pre-emptive steps to attend
to the risks that come with the responsibilities that have been placed on them,
they would be perceived as a failed Government.
Fashola said that the youths and the elderly are exposed to social
protection risks which if not addressed could result in poverty, and a
resultant security hazard in the community, adding that risks of danger to
lives and property of the citizens exist where, due to fraudulent practices on
the part of those involved in construction, substandard materials are used in
construction.
According to him, the business of insurance is to ensure that full or
partial financial compensation is made for loss or damage caused by events
beyond the control of the insured.
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