Nigeria’s economic stability and global competitiveness are under serious threats unless urgent institutional reforms and stronger risk governance frameworks were implemented, experts have warned.
This was the major takeaway from the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), which ended recently in Lagos. The conference, themed “Global Risks, Local Solutions,”brought together policymakers, regulators, financial institutions, and risk management professionals to deliberate on strategies for protecting the nation’s economy from global disruptions and internal vulnerabilities.
In his opening remarks, Mr. Kevin Ugwuoke, President and Chairman of CRMI, stressed the urgent need for a proactive, risk-based approach to national planning.
“Nigeria’s competitiveness and fiscal stability depend on how we anticipate, prepare for, and mitigate shocks,” Ugwuoke said, calling for the institutionalisation of risk management in public policy and corporate governance.
Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), identified climate-related shocks, persistent inflation, and governance weaknesses as the biggest threats to investor confidence.
“These factors continue to undermine economic stability and discourage both local and foreign investment,” she warned, urging leaders to prioritise transparency, accountability, and sustainable policy implementation.
Similarly, Prince Semiu Adeniran, Statistician-General of the National Bureau of Statistics (NBS), pointed to Nigeria’s enduring structural imbalances as a barrier to inclusive growth. He urged policymakers to make better use of the recently rebased Gross Domestic Product (GDP) data to drive evidence-based reforms.
“Our rebased GDP data provides an opportunity to realign economic priorities and design policies that reflect current realities,” Adeniran said.
Panel sessions at the conference also explored food security and agricultural resilience, featuring insights from representatives of the Bank of Industry (BOI) and the Nigeria Social Insurance Trust Fund (NSITF). Discussions focused on climate adaptation financing, agricultural insurance, and social protection as key strategies to cushion vulnerable sectors against shocks.
In its final communiqué, CRMI called for stronger regional integration, policy stability, and closer collaboration between risk management professionals and financial institutions to strengthen underserved sectors and build long-term resilience in Nigeria’s economy.
The communiqué concluded with a clear message: without urgent reforms, data-driven decision-making, and ethical governance, Nigeria risks falling further behind in an increasingly volatile global economy.
