The Lagos Chamber of Commerce and Industry (LCCI) and the Nigerian Risk Management Association (RIMAN), have advocated for stronger risk management procedures in businesses, particularly SMEs, in order to help them survive the current economic climate.
The organizations stated during a courtesy visit by RIMAN to LCCI, according to a statement.
Mr Victor Olannye, RIMAN’s Executive Secretary, praised LCCI as Nigeria’s first chamber of commerce for its important role in the economic growth of Lagos State and Nigeria, as well as its promotion of strong business ethics and delivery of best-in-class services to its members.
The LCCI was praised for its outstanding performance in promoting and protecting trade and industry in the best interests of the business community.
He praised the LCCI for its many contributions to addressing some of the country’s most pressing concerns, such as asking the Federal Government to investigate the economics of repairing and maintaining existing refineries following the importation of tainted fuel.
Olannye also encouraged the government to provide businesses with a great networking platform that would assist them to achieve sustainable growth by providing pathways to more commercial opportunities. It also urged the Federal Government to use diplomacy to reach out to well-intentioned world powers in order to find a quick solution to the Russia-Ukraine issue.
RIMAN and LCCI, according to LCCI Director-General Dr Chinyere Almona, have identical structures and incentives for members.
She stated that, despite the fact that RIMAN was a newer institution than LCCI, its influence could not be underestimated, especially because newer institutions were becoming more agile, in tune with local and global trends, and thus capable of guiding their members to respond appropriately to any shocks or volatilities.
The director-general said, “As long as we are working towards developing the economy, there’s no reason not to partner together, to get a wider range, a louder voice and wider impacts. Advocacy is important to let the government know how things are working, to speak with one voice about the challenge with risk management and how to manage it.”
