Members of the Chartered Risk Management Institute of Nigeria (CRMI) have called for urgent institutional reforms, robust data systems, and ethical governance to safeguard Nigeria’s economy from global disruptions and domestic vulnerabilities.
The call was made at the conclusion of the 24th Annual International Conference of the Institute held in Abuja on Monday, with the theme “Global Risks, Local Solutions”. The conference brought together policymakers, regulators, financial institutions, and risk management professionals to deliberate on emerging economic risks and strategies for resilience.
In his keynote address, CRMI President and Chairman, Mr. Kevin Ugwuoke, emphasised the need for a proactive, risk-based framework to anticipate and mitigate economic shocks.
“Nigeria’s competitiveness and fiscal stability depend on how we anticipate, prepare for, and mitigate shocks,” Ugwuoke stated. “Building resilience requires both institutional and policy agility.”
Also speaking, Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), identified climate shocks, inflationary pressures, and weak governance as key factors undermining investor confidence and economic stability.
She urged stronger collaboration between the public and private sectors to ensure policies are predictable and data-driven.
Prince Semiu Adeniran, Statistician-General of the National Bureau of Statistics (NBS), emphasised the importance of accurate data and urged policymakers to utilise Nigeria’s rebased Gross Domestic Product (GDP) data to inform effective reforms.
“Reliable data is the foundation for sound decision-making and sustainable development,” Adeniran noted.
Panel sessions during the conference focused on food security, agricultural resilience, climate adaptation financing, and social protection, featuring contributions from representatives of the Bank of Industry (BOI) and the Nigeria Social Insurance Trust Fund (NSITF).
The conference’s final communiqué called for stronger regional integration, policy consistency, and enhanced collaboration between risk managers and financial institutions to support underserved sectors and strengthen Nigeria’s resilience against both global and domestic shocks.
