Expert tasks managers on skills

Opeyemi Agbaje

Opeyemi Agbaje

Even as government is intensifying efforts to get Nigeria out of the present economic recession, Nigerian managers and especially risk managers will have to protect against downside risks, and improving governance while fostering entrepreneurial behaviour, Chief Executive Officer, RTC Advisory Services Limited, Opeyemi Agbaje has said.

Agbaje said risk profiles across spectrum both at the country and firm level are worsening and the times will require robust enterprise risk management frameworks, vigilance and proactive execution.

Agbaje, who presented a paper on, ‘Challenges of Economic Recession: Risk Management Perspective,’ at the Risk Managers Association of Nigeria (RIMAN) quarterly meeting in Lagos recently said a major contributor to the economic recession was the denial and policy incoherence over forex policy and the budget, which relies exclusively on borrowing for fiscal stimulus in the absence of private capital strategy.

Agbaje stressed that the big gap in policy is absence of a strategy to leverage and optimize private capital.

He said issues confronting the nation’s economy were a weak economic team that had rippled to the loss of confidence in attracting investments.

“Our projections do not suggest a radical improvement in economic performance in the short term; though the economy may come out of recession, the period of low growth may persist,” he said.

He noted that there are some scopes for enhanced economic growth dependent on a more pro-reform, pro-private capital policy posture stating that the main catalyst for such policy moderation may be external pressure.

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