Nigeria’s Economic Future at Stake: Experts demand urgent reforms, stronger risk governance

Experts have called for urgent institutional reforms, stronger data systems, and ethical governance to protect Nigeria’s economy from global disruptions and internal vulnerabilities.

This appeal was made 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 brought together policymakers, regulators, financial institutions, and risk management practitioners to address pressing economic challenges in Nigeria.

CRMI President and Chairman Mr. Kevin Ugwuoke emphasized the need for a proactive, risk-based framework to anticipate and mitigate economic shocks. “Nigeria’s competitiveness and fiscal stability depend on how we anticipate, prepare for, and mitigate shocks,” he stated.

Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, identified climate shocks, inflationary pressures, and weak governance as key factors undermining investor confidence and economic stability.

Prince Semiu Adeniran, Statistician-General of the National Bureau of Statistics, highlighted Nigeria’s structural imbalances and urged policymakers to leverage rebased GDP data as a basis for effective reforms.

The conference also included panel discussions on food security and agricultural resilience, with representatives from the Bank of Industry and Nigeria Social Insurance Trust Fund sharing insights on climate adaptation financing and social protection.

The final communiqué called for stronger regional integration, policy stability, and enhanced collaboration between risk managers and financial institutions to support underserved sectors.