Kashima Shettima, Edun, Cardoso Advocate National Risk Management Culture to Safeguard Economy

Vice President Kashim Shettima, Finance Minister Wale Edun, and Central Bank of Nigeria (CBN) Governor Olayemi Cardoso have called on Nigerians to adopt risk management as a fundamental national practice to bolster economic resilience in the face of growing global challenges.

Their remarks were delivered 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, Vice President Shettima highlighted Nigeria’s vulnerability to a range of evolving risks, including climate change, cybersecurity threats, pandemics, and technological disruptions. He emphasized that resilience must not be limited to government initiatives but should permeate household, business, and institutional decision-making.

“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 said.

CBN Governor Cardoso, whose speech was delivered by Blaise Ijebor, Director of the CBN’s Risk Management Department, acknowledged the mounting pressure on Nigeria’s economy from global supply chain shocks, capital reversals, and climate extremes. He affirmed that ongoing policy reforms aim to restore economic stability by integrating risk awareness into financial 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,” Cardoso noted, commending CRMI for its role in raising risk consciousness.

Finance Minister Edun, represented by Permanent Secretary Raymond Omachi, reaffirmed the necessity of tough reforms such as fuel subsidy removal and the unification of the exchange rate, describing them as pivotal steps toward long-term economic recovery.

“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 said.

In his welcome address, CRMI President Kevin Ugwuoke urged stakeholders to see risk not merely as a threat, but as a catalyst for innovation and competitiveness. He described the annual conference as a key platform for collaboration among policymakers, regulators, business leaders, and academics to transform vulnerabilities into opportunities.