Igbiti offers recipe for managing global economic disruptions

President of CIIN, Edwin Igbiti

Kindly leave a comment and share

Chuks Udo Okonta

The President Chartered Insurance Institute of Nigeria (CIIN) Edwin Igbiti, has identified building resilience; diversifying trade partnerships; fostering domestic innovation; investing in infrastructure amongst others as panacea to managing global economic disruptions occasioned by emerging risks.

He disclosed this today in a keynote address presented at the 2024 National Risk Management Conference in Lagos, adding that global economic disruptions 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,” he said.

On the opportunities that emerge, he stated that however, amidst the chaos lie opportunities to redefine our national narratives, stating that 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.

Continuing he noted that national resurgence in this context does not mean isolationism, stressing that it’s about striking a balance, building self-reliance while remaining engaged in the global community.

He said collaboration is key, stating that international cooperation on issues like climate change and resource management is essential for a sustainable future and that 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 and creating an environment where everyone has the opportunity to contribute and share in the nation’s prosperity,” he posited.

The CIIN President noted that 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, he submitted.

Leave a Comment

Your email address will not be published. Required fields are marked *