Effect of Risk Management on the Nigerian Industry

Bwanbale Akello J.

Faculty of Business and Management Kampala International University Uganda

ABSTRACT

Risk management plays a crucial role in ensuring the sustainability and resilience of industries in Nigeria amidst dynamic and uncertain operating environments. This paper examines the effect of risk management practices on the Nigerian industry, focusing on the strategies employed to identify, assess, mitigate, and monitor risks. Through an analysis of existing literature and empirical evidence, the paper explores the impact of effective risk management in enhancing organizational performance, mitigating financial losses, and fostering a culture of proactive decision-making. Additionally, the paper discusses the challenges and opportunities associated with risk management implementation in the Nigerian context and proposes recommendations for stakeholders to optimize risk management practices for sustainable industry development.

Keywords: Risk management, Nigerian industry, Organizational performance, Financial losses, Decision-making

CITE AS: Bwanbale Akello J (2024). Effect of Risk Management on the Nigerian Industry. RESEARCH INVENTION JOURNAL OF CURRENT RESEARCH IN HUMANITIES AND SOCIAL SCIENCES 3(2):37-42.