By Hannah Williams
Nigeria’s economic stability and future competitiveness are under serious threat unless urgent institutional reforms and stronger governance frameworks are put in place, experts have warned.
This was the key message at the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), which ended over the weekend with a rallying call for data-driven reforms and ethical leadership to shield the nation from global disruptions and internal weaknesses.
Held under the theme “Global Risks, Local Solutions,” the conference gathered policymakers, regulators, financial institutions, and risk professionals to chart new strategies for managing Nigeria’s evolving economic vulnerabilities.
CRMI President and Chairman, Mr. Kevin Ugwuoke, said Nigeria must move from reactive to proactive risk management if it hopes to remain competitive.
“Nigeria’s competitiveness and fiscal stability depend on how we anticipate, prepare for, and mitigate shocks,” he said, stressing the need for an institutionalized, risk-based national framework.
Also speaking, Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, warned that climate shocks, inflationary pressures, and weak governance continue to erode investor confidence and deepen economic uncertainty.
The Statistician-General of the National Bureau of Statistics, Prince Semiu Adeniran, highlighted Nigeria’s structural imbalances, urging policymakers to leverage rebased GDP data to drive reform and investment decisions.
Panel discussions explored issues of food security and agricultural resilience, with representatives from the Bank of Industryand Nigeria Social Insurance Trust Fund calling for increased financing for climate adaptation and stronger social protection systems.
In its final communiqué, CRMI called for regional economic integration, policy consistency, and closer collaboration between risk managers and financial institutions to strengthen underserved sectors and secure Nigeria’s economic future.
“Sustainable recovery requires institutional trust, accurate data, and sound risk governance,” the communiqué concluded.
