Risk management experts, economists, and industry leaders have called for swift institutional reforms, stronger data systems, and ethical governance to fortify Nigeria’s economy against both global disruptions and domestic vulnerabilities.
This call was made at the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), themed “Global Risks, Local Solutions,” held in Lagos. A communiqué issued after the event stressed the need to integrate risk governance into every level of national policymaking.
In his keynote address, the CRMI President and Council Chairman, Mr. Kevin Ugwuoke, emphasized the urgency of shifting from reactive policymaking to a proactive, risk-based framework. He explained that Nigeria’s fiscal stability and competitiveness rely on its ability to anticipate and manage risks before they escalate. According to him, CRMI’s advocacy,especially through the proposed National Risk Management Bill currently before the National Assembly,seeks to institutionalize risk governance across Ministries, Departments, and Agencies (MDAs), making annual risk reporting a mandatory tool for transparency and accountability.
Delivering a paper on the Global Risk Outlook, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyere Almona, identified inflation, climate shocks, and weak governance as major threats to investor confidence and macroeconomic stability. She warned that deepening inequality and declining institutional trust have worsened Nigeria’s poverty crisis, with over 133 million people living in multidimensional poverty and 30 million suffering from acute food insecurity. Almona stressed that resilience cannot be built through rhetoric but through intentional investments in people, systems, and governance. She urged both public and private actors to implement locally driven, evidence-based solutions tailored to Nigeria’s context.
The Statistician-General of the National Bureau of Statistics (NBS), Prince Semiu Adeniran, highlighted the country’s structural imbalances, noting that the services sector accounted for 55.52% of GDP in 2024, while agriculture and industry lagged. He revealed that the informal sector still contributes about 42% of national output, constraining government revenue and limiting policy effectiveness. Adeniran also described migration as a “human capital risk,” disclosing that Nigeria lost roughly 3.6 million professionals to migration between 2022 and 2023, a trend that continues to weaken productivity and innovation.
He observed that slowing global growth, persistent inflation, and technological disruptions,especially artificial intelligence,are reshaping labour markets and threatening low-skilled employment. Adeniran advised the government to strengthen data systems, formalize the economy, and expand industrial value chains to boost resilience.
On agricultural resilience, the Managing Director of the Bank of Industry (BOI), Dr. Olasupo Olusi, disclosed that the bank is increasing climate adaptation financing and dry-season farming support for smallholder farmers. He explained that BOI’s cluster-based lending model links farmers with processors and cooperatives, improving access to credit and markets.
Likewise, the Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Oluwaseun Faleye,represented by Dr. Dayo Alao,underscored the importance of ethical leadership and institutional integrity in managing emerging risks such as cyberattacks, pandemics, and global conflicts.
The Managing Director of the National Credit Guarantee Company (NCGC), Mr. Bonaventure Okhaimo, urged greater collaboration between chief risk officers and financial institutions to enhance inclusive risk management and support underserved sectors.
On the regulatory front, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama,represented by Mr. John Briggs,called on risk managers to partner with regulators in detecting and preventing Ponzi schemes. He explained that the 2025 Investment and Securities Act now imposes a minimum 10-year prison sentence or ₦20 million fine on offenders, while empowering the SEC to freeze assets in partnership with the EFCC.
Regional speakers from Ghana, Benin, and Togo also contributed perspectives on Africa’s shared economic risks, emphasizing stronger regional cooperation, evidence-based policymaking, and institutional stability as essential pathways for navigating global uncertainty
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