Management of technological risks in Nigeria.

Abstract

Assessment of the risks associated with technological development in Nigeria called for an evaluation of the counter measures. The Government, affected organisations, and insurance companies are the three main bodies concerned with risk management. Legislative control by Government is hardly enforced due to a limited number of enforcement agents and resources. The laws do not keep pace with increasing technological risks and are reactive rather than proactive. The industries tend to insure all identified risks mainly due to the lack of competent safety personnel and the low level of corporate awareness of the importance of risk management. Risk reduction is marginally practised and the legal requirements are hardly attained. Risk transfer of a non-insurance nature from lesser to lessee is quite common. There are hardly any advisory or supervisory services by the insurance companies. The insurance industry hardly creates awareness or promotes risk reduction practices. The paper prescribes the roles of various groups in improving risk management in Nigeria including the establishment of a commission which among other functions will promote co-operation and co-ordinate the risk management efforts of the various organisations.