Shettima, Edun, Cardoso push risk management for economic growth

By Babajide Komolafe

Vice President Kashim Shettima, Finance Minister Wale Edun, and Central Bank of Nigeria (CBN) Governor Olayemi Cardoso have urged Nigerians to embrace risk management as a national culture to strengthen economic resilience amid global uncertainties.

The call was made yesterday in Lagos at the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), themed “Global Risks, Local Solutions.”

Represented by his adviser on Economic and Financial Inclusion, Nurudeen Zauro, Shettima said the risks facing Nigeria — climate change, cybersecurity, pandemics, and disruptive technologies — are immediate and evolving. He stressed that resilience must extend beyond government policies to shape decisions at the household, business, and institutional levels.

“We live in an interconnected world where these risks are here, not distant. Preparedness is not a luxury; it is the foundation of stability and prosperity. Leaders, institutions, and citizens must adopt risk management as culture,” he stated.

CBN Governor Cardoso, represented by Blaise Ijebor, Director of Risk Management Department, said that Nigeria’s economy is already under pressure from supply chain disruptions, capital flow reversals, and extreme weather. He noted that recent policy reforms are aimed at restoring stability by embedding risk-awareness in economic planning.

“Risk managers can no longer stay behind the scenes. We must project outcomes, advise policymakers, and shape solutions. Both lean and fat years must be anticipated, and the nation prepared accordingly,” he said, commending CRMI for deepening risk awareness.

Finance Minister Edun, represented by Permanent Secretary Raymond Omachi, said reforms such as fuel subsidy removal and exchange rate unification were painful but necessary to reposition the economy for sustainable growth.

“The future will not be defined by the storms we face but by the solutions we craft together. Risk management is not about predicting the future; it is about preparing for it,” he noted.

CRMI President Kevin Ugwuoke, in his opening address, stressed that risk should also be seen as a driver of innovation and competitiveness.

He described the conference as a platform for collaboration among policymakers, regulators, business leaders, and academics to turn vulnerabilities into opportunities for growth and resilience.

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