KEYNOTE ADDRESS BY MR. EDWIN IGBITI, PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA, AT THE YEAR 2024 NATIONAL RISK MANAGEMENT CONFERENCE HELD ON APRIL 18, 2024 AT RADISSON BLU HOTEL, ISAAC JOHN STREET, IKEJA G.R.A., LAGOS STATE.
PROTOCOLS
Distinguished guests, ladies and gentlemen.
It is a profound honor to stand before you as we congregate at this conference as risk managers to discuss the global economic disruptions which underscores the need for effective risk management strategies and their implementation for a stable and resilient national economy amidst existing and emerging global disruptions.
We stand at a crossroads. The global economic landscape is undergoing a period of unprecedented disruption. From trade wars to technological revolutions, from climate change to resource scarcity, the very foundations of our interconnected world are being shaken. Yet, within this upheaval lies immense potential for national resurgence.
The Challenges We Face:
These disruptions present significant challenges. Fragile supply chains leave us vulnerable to external shocks. Automation displaces jobs, demanding a reskilling of our workforce. Rising inequality threatens social cohesion. Navigating these challenges will require:
• Building Resilience: Diversifying trade partnerships, fostering domestic innovation, and investing in infrastructure is crucial to weather economic storms.
• Investing in Human Capital: Education and training programs must equip people with the skills needed to thrive in the new economy.
• Social Safety Nets: We must ensure that those left behind by economic change are not left destitute.
The Opportunities that Emerge:
However, amidst the chaos lie opportunities to redefine our national narratives. We can:
• Capitalise on Innovation: Embrace new technologies like artificial intelligence and renewable energy to become global leaders in these fields.
• Develop Domestic Markets: Foster a climate that encourages entrepreneurship and supports the growth of local businesses.
Invest in our Strengths: Identify and exploit our unique resources and capabilities to carve out a competitive niche in the global marketplace.
National Resurgence in a Globalised World:
National resurgence in this context does not mean isolationism. It’s about striking a balance: building self-reliance while remaining engaged in the global community. Collaboration is key. International cooperation on issues like climate change and resource management is essential for a sustainable future.
The path forward demands a multi-pronged approach. We need:
• Strong Leadership: Visionary leaders who can unite the nation behind a shared goal of economic renewal.
• Public-Private Partnerships: Collaborative efforts between government and business will drive innovation and investment.
• Investment in Research and Development: Supporting cutting-edge research is vital to stay ahead of the curve.
• Empowering our Citizens: Creating an environment where everyone has the opportunity to contribute and share in the nation’s prosperity.
Conclusion:
The road ahead will be challenging but by seizing the opportunities presented by global disruptions and confronting the challenges head-on, we can usher in a new era of national resurgence. Let us work together, not just to weather the storm, but to build a more resilient, prosperous, and equitable future for all.
Thank you.
Mr. Edwin Igbiti, ACII, FIIN
President/Chairman of Council
Chartered Insurance Institute of Nigeria
