By Dr. Nafisat Makinde
Nigeria risks sliding into deeper economic instability unless it reforms governance, strengthens institutions, and adopts risk-based decision-making, experts warned at the Chartered Risk Management Institute of Nigeria (CRMI) annual conference recently held in Lagos.
The conference, themed “Global Risks, Local Solutions,” brought together policymakers, regulators and industry leaders who urged government to back reforms with law including the proposed National Risk Management Bill now before the National Assembly.
CRMI President, Kevin Ugwuoke, said Nigeria must embed risk thinking into governance to ensure economic stability. “Our competitiveness and fiscal strength depend on how we anticipate and mitigate shocks,” he said.
Director-General of the Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona, cautioned that weak governance, inflation and climate shocks continue to erode investor confidence. “Resilience is not built on slogans but on deliberate investment in systems and people,” she said.
Statistician-General, Prince Semiu Adeniran, noted that 55% of Nigeria’s GDP now comes from services and 42% from the informal sector. “Without sound data and institutional reform, Nigeria’s policy choices will remain reactive,” he warned.
Experts at the forum concluded that accountability, policy stability and stronger regional integration remain critical to protecting Nigeria’s economy from future crises.
