NSITF Urges Localised Approaches as Experts Push for Preventive Risk Management

By Chinedu Echianu

Experts have warned that global risk frameworks without local adaptation are bound to fail.

They stressed the need for preventive strategies and stronger collaboration in addressing emerging threats such as cyber attacks, climate shocks, and pandemics.

Speaking at the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI) in Lagos, the Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barr. Oluwaseun Faleye, said localised solutions must take priority in tackling risks that affect communities.

Represented by his Technical Assistant, Doctor. Dayo Alao, Bar Faleye said “Global strategies must be rooted in the realities of the people they serve. Without local context, even the best global frameworks can fail.”

He emphasised that prevention offers the most effective safeguard across multiple sectors, noting that responding after crises often comes at greater cost to lives and resources.

“Whether in occupational safety, climate resilience, or cyber defense, preventing risks is cheaper, faster, and more humane than responding after disaster strikes,” he noted.

He argued that risk management must move beyond institutional silos, with industries, regulators, and governments working together to share data and strengthen resilience.

The conference, themed “Global Risks: Local Solutions,” had in attendance Vice President Kashim Shettima, Lagos State Deputy Governor Dr. Femi Hamzat, Finance Minister Wale Edun, Central Bank Governor Yemi Cardoso, alongside chief executives of banks and international delegates.

In his remarks, CRMI President, Kelvin Ugwuoke, said the theme was deliberately chosen to draw attention to the gap between global frameworks and local realities, and to encourage Nigerian institutions to take ownership of homegrown solutions.

The gathering highlighted the growing consensus that while risks such as pandemics and cyber attacks appear global, their impact is ultimately local, demanding strategies that are context-driven, preventive, and collaborative.