2 weeks ago
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Nigeria’s economical stableness and planetary competitiveness are nether superior threats unless urgent organization reforms and stronger hazard governance frameworks were implemented, experts person warned.
This was the large takeaway from the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), which ended precocious successful Lagos. The conference, themed “Global Risks, Local Solutions,”brought unneurotic policymakers, regulators, fiscal institutions, and hazard absorption professionals to deliberate connected strategies for protecting the nation’s system from planetary disruptions and interior vulnerabilities.
In his opening remarks, Mr. Kevin Ugwuoke, President and Chairman of CRMI, stressed the urgent request for a proactive, risk-based attack to nationalist planning.
“Nigeria’s competitiveness and fiscal stableness beryllium connected however we anticipate, hole for, and mitigate shocks,” Ugwuoke said, calling for the institutionalisation of hazard absorption successful nationalist argumentation and firm governance.
Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), identified climate-related shocks, persistent inflation, and governance weaknesses arsenic the biggest threats to capitalist confidence.
“These factors proceed to undermine economical stableness and discourage some section and overseas investment,” she warned, urging leaders to prioritise transparency, accountability, and sustainable argumentation implementation.
Similarly, Prince Semiu Adeniran, Statistician-General of the National Bureau of Statistics (NBS), pointed to Nigeria’s enduring structural imbalances arsenic a obstruction to inclusive growth. He urged policymakers to marque amended usage of the precocious rebased Gross Domestic Product (GDP) information to thrust evidence-based reforms.
“Our rebased GDP information provides an accidental to realign economical priorities and plan policies that bespeak existent realities,” Adeniran said.
Panel sessions astatine the league besides explored nutrient information and cultivation resilience, featuring insights from representatives of the Bank of Industry (BOI) and the Nigeria Social Insurance Trust Fund (NSITF). Discussions focused connected clime adaptation financing, cultivation insurance, and societal extortion arsenic cardinal strategies to cushion susceptible sectors against shocks.
In its last communiqué, CRMI called for stronger determination integration, argumentation stability, and person collaboration betwixt hazard absorption professionals and fiscal institutions to fortify underserved sectors and physique semipermanent resilience successful Nigeria’s economy.
The communiqué concluded with a wide message: without urgent reforms, data-driven decision-making, and ethical governance, Nigeria risks falling further down successful an progressively volatile planetary economy.
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