Report flags FX volatility, cybersecurity exposure as major threats
The 2026 Risk Outlook released by the Chartered Risk Management Institute of Nigeria has identified macroeconomic instability, foreign exchange volatility, regulatory uncertainty, and rising cybersecurity exposure as the major drivers of risk in Nigeria in 2026. The report, which examined risk perceptions across critical sectors—including banking and financial services, oil and gas, manufacturing, infrastructure, and […]
The 2026 Risk Outlook released by the Chartered Risk Management Institute of Nigeria has identified macroeconomic instability, foreign exchange volatility, regulatory uncertainty, and rising cybersecurity exposure as the major drivers of risk in Nigeria in 2026.
The report, which examined risk perceptions across critical sectors—including banking and financial services, oil and gas, manufacturing, infrastructure, and the public sector—draws from survey responses, sector indicators, and recent economic developments to present a forward-looking assessment of the country’s evolving risk environment.
Presenting the report in Lagos, President and Chairman of Council of CRMI, Kevin Ugwuoke, described the outlook as a strategic guide for stakeholders navigating an increasingly complex operating landscape.
According to him, the annual publication is designed to provide insights into emerging risks, key trends, and developments that will shape organisational decision-making in the coming year.
“The 2026 Risk Outlook highlights key economic, financial, technological, environmental, and geopolitical risks that organisations must proactively consider in their strategic planning,” he said, adding that the report is intended to help institutions anticipate disruptions and strengthen preparedness.
Delivering the technical overview, Abiodun Ogunoiki, Partner and Head of Financial Services Risk Management at Ernst & Young, explained that the findings were based on a survey of 260 senior risk professionals across Nigeria’s major sectors.
He noted that while responses were uneven across industries, the results provide a credible directional view of system-wide risk dynamics.
According to Ogunoiki, the report combines macroeconomic analysis with market insights to assess risks likely to influence strategic decisions, operational resilience, and governance priorities as Nigeria undergoes structural adjustments and policy recalibration.
Despite signs of improving macroeconomic indicators, the report reveals that risk sentiment remains cautious.
Respondents consistently ranked macroeconomic instability, exchange rate volatility, regulatory and policy risks, and cyber threats as high-impact and persistent concerns.
The report emphasised that 2026 will not necessarily introduce new risks but will instead test how organisations manage the speed, interaction, and transmission of already known risks within a reforming economy.
A key takeaway from the report is the need for stronger alignment between capital allocation, risk appetite, and governance frameworks.
“For boards and senior management, the challenge ahead is not whether growth resumes, but whether institutions can withstand near-term volatility while meeting rising regulatory expectations,” the report noted.
It also highlighted regulatory and policy risk as a major influence on strategic decision-making, urging organisations to proactively monitor policy developments and integrate them into planning processes rather than reacting after the fact.
Also speaking, Deputy Director and Head of Operational Risk Management at the Central Bank of Nigeria, Eyitoyosi Shonibare, said the report presents an opportunity to strengthen risk governance across the financial system.
She noted that Nigeria’s risk landscape is increasingly interconnected and influenced by global geopolitical shocks, stressing the importance of execution discipline in building institutional resilience.
“We must go beyond the normal classification evaluation to reporting the true execution of risk mitigation. To do this, we believe that it will be important to start to develop structures that enable for faster escalation of your early warning signs,” she said.
Chairman of the event, Opeyemi Agbaje, noted that while Nigeria’s macroeconomic outlook shows signs of improvement, stakeholders must remain vigilant in response to both global and domestic uncertainties.
“I think concerning the Nigerian macro, they can be positive. I think they need to continue vigilance with what is emerging from the global environment. And then domestically, of course, there are regulators who are becoming more and more assertive and less and less predictable. But I think it’s an excellent attempt at contextualising Nigeria’s risk environment and I congratulate CRMI and Ernst & Young for the great work done”, he said.