Inflation, Energy, Others Threaten Companies In Nigeria

Inflation, Energy, Others Threaten Companies In Nigeria

Allianz Global Corporate and Specialty (AGCS), has listed inflation, and energy, amongst other factors threatening companies in Nigeria.

While cyber incidents and business interruption rank as the biggest company concerns for the second year in a row, Allianz’s Risk Barometer 2023 also identified macroeconomic developments such as inflation, financial market volatility, and a looming recession, as well as the impact of the energy crisis, as the top risers in this year’s list of global business risks.

“For the second year in a row the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption,” said AGCS Chief Executive Officer Joachim Mueller.

“At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business. Companies – in Europe and in the U.S. in particular – worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact from ongoing war in Ukraine. It’s a stress test for every company’s resilience.”

He added the positive news is that, as an insurer, “we see continuous improvement in this area among many of our clients, particularly around making supply chains more failure-proof, improving business continuity planning, and strengthening cyber controls. Taking action to build resilience and de-risk is now front and center for companies, given the events of recent years.”

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