Experts Warn Nigeria’s Economy Faces Grave Risks, Urge Urgent Reforms, Ethical Governance
With Nigeria’s economy facing mounting internal and external pressures, experts are warning that without urgent institutional reforms and stronger governance systems, the nation’s economic future could be at serious risk.
The alarm was raised at the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), which convened policymakers, regulators, financial institutions, and risk management professionals under the theme “Global Risks, Local Solutions.”
CRMI President and Chairman, Mr Kevin Ugwuoke, stressed that Nigeria’s ability to withstand global shocks and maintain fiscal stability hinges on proactive risk management.
“Our competitiveness depends on how effectively we anticipate, prepare for, and mitigate risks,” he said.
Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, identified climate change, inflationary trends, and governance weaknesses as major threats to investor confidence.
Similarly, the Statistician-General of the National Bureau of Statistics, Prince Semiu Adeniran, pointed out that Nigeria’s structural imbalances must be addressed through data-driven policies anchored on the rebased GDP framework.
Panel discussions focused on critical issues such as food security, agricultural resilience, and climate adaptation financing, with participants from the Bank of Industry and the Nigeria Social Insurance Trust Fund calling for innovative risk management in vulnerable sectors.
The conference communiqué urged government and private sector actors to deepen regional integration, stabilise policies, and foster collaboration between risk managers and financial institutions to protect the economy from future shocks.
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