Experts have called for urgent institutional reforms, stronger data systems, and ethical governance to protect Nigeria’s economy from global disruptions and internal vulnerabilities.

This appeal was made at the conclusion of the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI).

Held under the theme “Global Risks, Local Solutions,” the conference brought together policymakers, regulators, financial institutions, and risk management practitioners to address pressing economic challenges in Nigeria.

CRMI President and Chairman Mr. Kevin Ugwuoke emphasized the need for a proactive, risk-based framework to anticipate and mitigate economic shocks. “Nigeria’s competitiveness and fiscal stability depend on how we anticipate, prepare for, and mitigate shocks,” he stated.

Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry, identified climate shocks, inflationary pressures, and weak governance as key factors undermining investor confidence and economic stability.

Prince Semiu Adeniran, Statistician-General of the National Bureau of Statistics, highlighted Nigeria’s structural imbalances and urged policymakers to leverage rebased GDP data as a basis for effective reforms.

The conference also included panel discussions on food security and agricultural resilience, with representatives from the Bank of Industry and Nigeria Social Insurance Trust Fund sharing insights on climate adaptation financing and social protection.

The final communiqué called for stronger regional integration, policy stability, and enhanced collaboration between risk managers and financial institutions to support underserved sectors.

By Our Correspondent

The Chartered Risk Management Institute (CRMI) has kicked against the proposed establishment of the Chartered Institute of Enterprise Risk Management of Nigeria by the National Assembly, describing it as a duplication of existing institutions with identical mandates.

In a memorandum submitted to the House Committee on Commerce, the Registrar of CRMI, Victor Olannye, said the bill seeking to establish the new institute overlaps with the functions of the already existing Chartered Risk Management Institute of Nigeria.

“Upon careful review of the bill, we wish to draw the Committee’s attention to certain issues surrounding the proposed legislation, specifically its overlap with existing laws and its implications for the integrity of the legislative process,” he said.

Olannye explained that the 9th National Assembly had already passed the Chartered Risk Management Institute of Nigeria Act No. 39 of 2022, which was duly assented to by the President and gazetted, thereby conferring legal status on the institute.

“The Act comprehensively governs and promotes the practice of risk management in Nigeria, including professional certification, regulation, and the advancement of the profession,” he said.

He pointed out that the primary objective of the proposed Chartered Institute of Enterprise Risk Management of Nigeria, to control and promote the practice of risk management, is already fully addressed by the 2022 Act.

“As such, the proposed bill duplicates functions and responsibilities already legislated under the existing law,” he stated.

Olannye noted that the legislature has consistently frowned upon the unnecessary proliferation of professional bodies, particularly when their mandates are already covered by existing legislation.

“Creating overlapping institutions not only leads to inefficiency and confusion within the profession but also undermines the integrity of the legislative process,” he added.

He therefore urged the Committee to consider dropping the bill, warning that allowing it to progress would “contradict existing legislation (Act No. 39 of 2022), create legal and institutional conflicts, undermine the principle of avoiding duplication and redundancy in laws, and weaken the credibility and authority of the legislature’s previous actions.”

Olannye stressed that maintaining the integrity and coherence of the legislative framework was paramount, urging the Committee to uphold the existing law and reject the proposed bill.

He commended the Committee for its diligence and professionalism, saying, “The Governing Council wishes to commend the Committee for its unwavering diligence and commitment to upholding the principles of lawmaking. Your meticulous approach to legislative oversight and your dedication to ensuring that every bill aligns with the broader goals of national progress reflect the highest standards of legislative professionalism.”

He added that the Committee’s integrity and thoughtfulness were instrumental in strengthening Nigeria’s governance framework and fostering public trust in the National Assembly.

The Chairman, House of Representatives’ Committee on Commerce, Hon. Ahmed Munir, reaffirmed the commitment of the 10th House to transparency, inclusiveness, and people-oriented legislation aimed at driving Nigeria’s economic growth and institutional reform.

Hon. Munir said the House remains focused on ensuring that every proposed law reflects the genuine needs of Nigerians.

He explained that the bills under consideration span multiple sectors of the economy, with provisions to establish new professional regulatory bodies, amend outdated laws, and strengthen the operational capabilities of existing institutions for greater service delivery.

“A critical look at these bills shows that both the legislature and the executive have the interest of the citizens at heart,” Munir stated. “Some of these bills, if passed, will create regulatory institutions that ensure professionalism, accountability, and efficiency across various sectors.”

Among the notable bills deliberated on was the Bill for an Act to Establish Climate Resilient Commerce in Nigeria (HB. 2206), which seeks to create a framework for promoting sustainable economic growth and reducing the vulnerability of Nigerian businesses to climate-related risks.

Munir noted that the proposed legislation aligns with global efforts to mitigate climate change impacts and will position Nigeria to take advantage of international partnerships and incentives tied to environmental sustainability.

“The importance of synergy between the legislature and the executive toward good governance and human capital development cannot be overemphasized,” he said. “Bills like this will help moderate potential damage, reduce long-term risks, and enable us to benefit from global and local opportunities associated with climate change mitigation.”

The Committee considered ten bills at the hearing, including those seeking to establish or amend professional and regulatory bodies such as the Chartered Institute of Nigerian Universities Professional Administrators, the Institute of Chartered Biochemists and Molecular Biologists, the Chartered Institute of Mortgage Bankers and Brokers, the Chartered Institute of Entrepreneurship Consultants, and the Chartered Institute of Enterprise Risk Management of Nigeria.

Also listed were amendments to the Nigerian Export Promotion Council Act and the National Institute of Marketing of Nigeria Act 2003, as well as bills to strengthen risk management and financial analysis practices in Nigeria.

Munir said the essence of the public hearing was to provide a platform for citizens and stakeholders to express their views, thereby enriching the legislative process with diverse perspectives.

“Every democratic dispensation is guided by laws that help ensure good governance and allow citizens to benefit maximally from government programmes,” he said.

The lawmaker commended President Bola Ahmed Tinubu’s administration for stabilizing key economic indicators, including achieving a 3.9% annual GDP growth and improving revenue mobilization. He described these achievements as signs that “the bleeding has been stopped,” adding that the next phase should focus on translating macroeconomic progress into tangible benefits for ordinary Nigerians.

“What is critically left is the healing of the wound, ensuring that the gains at the macro level translate into micro-level improvements for our people,” Munir said. “This requires expanding social protection schemes, ensuring transparency in public finance, tackling food insecurity, and addressing inflation and trade barriers.”

Hon. Munir emphasized that the 10th Assembly remains a People’s Parliament, committed to openness, inclusivity, and national interest. He recalled that the House recently conducted nationwide hearings on constitutional amendments, underscoring its dedication to participatory governance.

He urged participants to be constructive and concise in their submissions, assuring them that all contributions would be considered in shaping final recommendations.

“We all have one purpose at heart, uplifting our people as we build a greater nation,” he said.

Wumi Tewogbade, Abuja

In order to continue the ongoing infrastructure revolution across the city and its satellite towns, the Federal Capital Territory (FCT) Minister, Barr. Nyesom Wike on Monday, urged residents to pay their taxes and levies promptly .

Wike stated this during the flag-off of new road and drainage projects in Asokoro Extension in Abuja.

He said by paying taxes and levies, the government would be able to continue the infrastructural revolution that is presently ongoing in Abuja.

All these good roads, drainages, and streetlights wouldn’t be possible if you don’t pay your taxes,” Wike said.

“As we say, ‘Dis soup sweet, na money kill am.’ If you don’t have money to buy the right ingredients, the soup won’t taste good. In the same way, if we don’t have funds, we can’t deliver the kind of city Abuja deserves.”

He emphasized that paying taxes is not just a civic duty but an investment in collective comfort and progress.

According to the minister, “When you pay your taxes, you are buying comfort, safety, and pride for Abuja. So, let’s all do our part to make this city the pride of the nation.

“This government is committed to ensuring that the FCT competes favourably with other cities of the world,” Wike said. “What you see in the developed world isn’t magic it’s the result of leadership commitment. That is what Mr. President has brought to Abuja.

“Without proper road networks, drainages, and streetlights, life becomes difficult. But by the time these are completed, Asokoro will rank among the most beautiful areas in Abuja,” he assured.

The minister also said the various ongoing projects in Abuja, have created employment opportunities because the construction companies working across the FCT have engaged thousands of youths.

“Everywhere you go, construction is ongoing and that means jobs for our young people. This is part of the Renewed Hope agenda.

“We’ve touched transport, roads, sports, and education. Now we’re moving to health. No sector will be left untouched,” he stated.

“The Abuja of two years ago is not the same today and by tomorrow, it will be even better,” Wike concluded.