Report: Legislation, Macro Economic Development Top Business Risks for Nigeria in 2024

Ebere Nwoji

Recent reports on most important global business risks in 2024 has revealed that Nigerian businesses would face risks emanating from changes in legislation and regulation, Cyber incidents and macroeconomic developments as joint top of risks confronting businesses in the country this year.

The report compiled by the global insurance giant Allianz, in the 13th edition of its Allianz risks Barometer publication put together by its team of risk management experts from over 92 countries and territories x-rayed country by country business exposure to risks during the year pointing at risks from business interruptions, natural catastrophes, macro economic developments, fire explosions, political risks and violence as well as shortages of skilled workers as top global business risks for most countries during the year.

Here in Nigeria it said risks emanating from changes in legislation and regulation, cyber incidents and macroeconomic developments would stand as joint top of risks confronting businesses in the country this year.

The report said the listed risks ranked first to third positions in the ranking of the risks to be faced by Nigerian businesses saying they pooled 36 percent in its risk survey report.

While market development risks, the newest among all the risks took fourth position standing at 20 percent. Climatic change risks occupied fifth position in the ranking together with theft, fraud and corruption.

The report said political risks and violence fell within the seventh position in the ranking, while energy risks, in form of supply shortages and outage, price fluctuations ranked the 8th position with new technologies, in form of risk impact of artificial intelligence, connected /autonomous vehicles, lithium-ion batteries, electric vehicles, metaverse ranked ninety position .

Also business interruption including supply chain disruption ranked 10th position.

In summary, the report said 2024 could see the wild ups and downs of growth, inflation and interest rates that followed the Covid-19 shock settle down.