Experts have emphasised the need for urgent institutional reforms, strengthened data systems and ethical governance to safeguard Nigeria’s economy.
This position was made known at the conclusion of the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), held under the theme “Global Risks, Local Solutions.”
The conference convened policymakers, regulators, financial institutions and risk management professionals to deliberate on strategies for building a resilient and competitive national economy.
President and Chairman of CRMI, Mr Kevin Ugwuoke, underscored the importance of adopting a proactive, risk-based approach to economic management. “Nigeria’s competitiveness and fiscal sustainability depend on how well we anticipate, prepare and mitigate economic shocks,” he noted.
The Director-General of the Lagos Chamber of Commerce and Industry, Dr Chinyere Almona, identified climate shocks, inflationary pressures and governance gaps as critical issues requiring coordinated national action to strengthen investor confidence and promote economic stability.
Similarly, the Statistician-General of the National Bureau of Statistics, Prince Semiu Adeniran, called on policymakers to leverage the rebased GDP data to drive informed decision-making and implement effective economic reforms.
Panel sessions at the conference also addressed food security and agricultural resilience, with representatives from the Bank of Industry and the Nigeria Social Insurance Trust Fund offering insights into climate adaptation financing and social protection mechanisms.
The communiqué issued at the end of the conference advocated for stronger regional integration, policy consistency and closer collaboration between risk managers and financial institutions to accelerate sustainable growth and support emerging sectors of the economy.