Nigeria’s Vice President, Kashim Shettima, alongside Minister of Finance Wale Edun, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and President of the Chartered Risk Management Institute of Nigeria (CRMI), Kevin Ugwuoke, urged a embrace national of risk management as a core culture rather than a mere policy instrument.
The call was made on Thursday at the 24th Annual International Conference of the CRMI held in Lagos, themed “Global Risks, Local Solutions.”
Addressing participants, Shettima highlighted the urgent nature of modern risks facing Nigeria.
He explained that challenges such as climate change, cybersecurity threats, disruptive technologies, and public health crises are immediate, interconnected, and evolving, making preparedness a national imperative.
Represented by the Technical Adviser to the President on Economic and Financial Inclusion, Nurudeen Zauro, the Vice President said, “Risk management cannot remain the burden of experts alone.
Leaders must participate, institutions must prepare, and citizens must adopt it as a culture. Preparedness is not a luxury; it is the foundation of stability and prosperity.”
Shettima stressed that embedding a risk-aware mindset into decision-making at all levels would safeguard households, businesses, and institutions against shocks, while enabling Nigeria to turn potential threats into strategic opportunities.
His remarks underscored the government’s commitment to fostering resilience as a pillar of national development.
CBN Governor Cardoso, represented by the bank’s Director of Risk Management, Blaise Ijebor, reinforced the message at the CRMI conference, noting that external shocks, including supply chain disruptions, capital flow reversals, and extreme weather events, continue to test Nigeria’s economy.
“Risk managers can no longer remain behind the scenes,” he said.
“We must anticipate both the lean years and the fat years and prepare the nation accordingly. CRMI’s work is critical to embedding risk awareness into every economic decision.”
Minister of Finance Edun, represented by Permanent Secretary Raymond Omachi, echoed the sentiments, emphasizing that recent government reforms, such as fuel subsidy removal and exchange rate unification, are tough but necessary steps toward sustainable growth.
“The challenges we face test our foresight, courage, and leadership,” he said.
“But the future will not be defined by the storms we encounter; it will be defined by the solutions we craft together.
Risk management is not about predicting the future; it is about preparing for it.”
Kevin Ugwuoke, President of CRMI, described risk as both a challenge and an opportunity.
He highlighted that a proactive risk culture promotes innovation, competitiveness, and strategic resilience across sectors.
“This conference is more than a gathering; it is a platform for collaboration,” he said.
“Leaders from public and private sectors converge to share insights, exchange knowledge, and chart pathways for a safer, more resilient future.
Managed with foresight, risk becomes a catalyst for growth and national development.”
The CRMI conference attracted policymakers, business leaders, academics, and practitioners from across Africa and the globe.
Discussions focused on actionable strategies for mitigating threats posed by climate change, artificial intelligence, blockchain technology, financial volatility, and public health risks.
Panel sessions also explored the integration of risk management into corporate governance, public policy, and national security frameworks.
Stakeholders emphasized that Nigeria’s resilience depends on collective responsibility.
Experts agreed that cultivating a risk-conscious mindset in households, businesses, and government institutions is essential to transforming uncertainties into structured opportunities for growth.
Participants also called for continuous public awareness campaigns, capacity building for professionals, and collaboration between regulatory bodies and private enterprises.
The conference concluded with a unified message: Nigeria must institutionalize risk management as a core national culture.
This approach, proponents argued, would strengthen the country’s ability to navigate global shocks, enhance economic stability, and accelerate progress toward the government’s $1 trillion economic vision.