CRMI Maps Out Strategies to Strengthen Risk Culture in Nigeria

The Governing Council of the Chartered Risk Management Institute of Nigeria (CRMI) has undertaken a strategic initiative to fortify and integrate its mission of fostering a robust risk culture among all stakeholders in the Nigerian economy.

President of the Governing Council, Ezekiel Oseni stated this at the governing council’s retreat focused on pivotal dialogues aimed at propelling the adoption of efficient risk management practices across diverse sectors.

Oseni underscored the pivotal role of the Institute in providing essential guidance for the implementation of robust risk management practices amidst the prevailing economic challenges in Nigeria.

He emphasized the Institute’s responsibility in offering advisory support to both the government and its agencies at national and sub-national levels, with a focus on value creation, enhancement, and preservation.

In a statement, he acknowledged the prevailing economic trends, Dr. Oseni highlighted concerns regarding the high inflation rate, soaring food prices, and escalating unemployment levels.

He commended recent measures taken by the Central Bank of Nigeria (CBN) to address inflation, including the increase in the minimum interest rate and the adjustment of the Cash Reserve Ratio (CRR) of banks.

However, he cautioned against potential repercussions such as increased cost of capital to businesses, which could further exacerbate inflation and unemployment rates.

Reflecting on past monetary policies and global interventions, Oseni raised questions regarding the effectiveness of interest rate hikes in controlling inflation and the impact of external economic policies on Nigeria’s sustainable growth. He cited historical instances, including IMF’s involvement in 1987, which led to challenges in currency devaluation.