The high-impact engagement, scheduled to take place in Lagos in June 2026, brings together a collegiate of experts across technology, policy, and politics.

The keynote address will be delivered by Prof. Nentawe Yilwatda, National Chairman of the All Progressives Congress (APC).

He will headline a high-level policy colloquium themed: “Leveraging Technology for Development in Nigeria, 2027–2031: Delivering the Renewed Hope Agenda.”

APC Chairman Yilwatda: A Digital Expert at the Helm

Prof. Yilwatda is a prominent Nigerian academic, digital systems engineer, and politician. He holds a Ph.D. in Digital Systems Engineering and served 12 years as Director of ICT at the Federal University of Agriculture, Makurdi. With over two decades of experience spearheading major IT and digital transformation projects, he is widely recognized as a digital expert.

Yilwatda described WACC as strategically aligned with the APC’s commitment to inclusive growth and national development planning beyond 2027.

“The opportunity to engage policymakers, industry leaders, technology innovators, investors, and ecosystem builders on the role of technology in accelerating national development is both timely and important,” he said, commending Knowhow Media International for sustaining a credible, non-partisan platform.

MOFI’s Dr. Armstrong Takang to Lead Economic and Investment Talks

Leading economic, investment, and partnership discussions is Dr. Armstrong Ume Takang, CEO of Nigeria’s Ministry of Finance Incorporated (MOFI). MOFI is the Federal Government’s asset management corporation and investment arm, restructured to unlock liquidity and create wealth. Its core role is to serve as custodian and active manager of all federal government investment interests, Government-Owned Entities (GOEs), and Government-Linked Companies.

Takang, with decades of experience in investment consultancy and public reforms, will pitch MOFI’s digital economy and innovation-led initiatives at WACC.

These include investment and public-private partnership opportunities in digital infrastructure expansion, smart governance, public-sector innovations, and financing for technology-enabled entrepreneurship and industrial growth.

A former Special Adviser to the Minister of Finance, Budget and National Planning, Takang led the transformation of MOFI into a full-fledged Federal Government-owned private equity and venture capital entity with assets under management exceeding $40 billion. He also spearheaded Project Lighthouse, a big data analytics system supporting the Federal Government’s revenue generation agenda.

Dr. Takang, who chaired the Nigeria National ICT Strategic Action Plan Committee and the Nigeria National Software Development Task Force, said:

“The conference theme aligns with MOFI’s mandate as the Federal Government’s assets and investment management institution. We are committed to catalysing investment, fostering PPPs, and driving innovation-led growth.”

Technology, Policy, and Politics Converge Ahead of 2027 Elections

Organisers say the growing interest reflects WACC’s strategic relevance as Nigeria prepares for a pivotal election year and accelerates its transition into a digitally driven economy. National elections are expected in early 2027.

NDPC’s Dr. Vincent Olatunji: Data Protection as National Security

WACC will feature Executive Regulatory Addresses from key regulatory institutions. Dr. Vincent Olatunji, pioneer National Commissioner and CEO of the Nigeria Data Protection Commission (NDPC), will explore “Awareness to Accountability and Strengthening Data Protection Compliance in Nigeria’s Digital Economy.”

He will also address protecting citizens in an AI-driven economy, covering data privacy risks, ethics, and regulatory readiness.

Olatunji, Nigeria’s chief privacy ombudsman, will explain why data protection is a national security and economic imperative. The NDPC recently partnered with INEC to safeguard the personal data of over 94 million voters ahead of the 2027 elections.

“WACC offers a window to establish a national culture of data protection across all sectors within the framework of the digital economy,” Dr. Olatunji said.

NITDA’s Kashifu Inuwa Abdullahi: Advancing Digital Transformation

Kashifu Inuwa Abdullahi, Director General and CEO of the National Information Technology Development Agency (NITDA) and Nigeria’s Chief Information Technology Officer, will deliver Executive Regulatory Notes.

His focus will include advancing the digital economy, innovation, public-private partnership opportunities, tech-enabled entrepreneurship, smart public-sector innovation, youth skills development, talent pipelines, and job creation.

According to Abdullahi:

“Partnering with WACC 2026 is strategic to engaging stakeholders as we advance Nigeria’s digital transformation mandate. In an election year, NITDA also plays a critical role through collaboration with INEC on ICT deployment and security.”

Operators’ Commentary: Ike Nnamani on Data Centres

Ike Nnamani, CEO of Digital Realty Nigeria, former President of the Association of Telecoms Companies of Nigeria (ATCON), and founder of Medallion Communication Limited (now Digital Realty), will lead the Operators’ Commentaries.

He will address “Data Centres and Digital Economy: An Operator’s Viewpoint,” dissecting the future of data centres as Nigeria’s digital economy evolves.

Nnamani is celebrated as a pioneer in bridging the digital divide and a key investor in Africa’s digital technology sector.

Mohammed Rudman, CEO, IXPN, will be speaking on, “Building a Resilient Digital Infrastructure: IXPN’s Role in Strengthening Nigeria’s digital economy.” 

MOFI’s Strategic Partnership

MOFI’s participation as WACC 2026 partner provides a high-impact national platform to articulate its vision of becoming a world-class, performance-driven investment institution that creates intergenerational wealth, attracts capital, and contributes meaningfully to Nigeria’s economic development, particularly within technology-enabled growth sectors.

 Broad Participation from Industry and States

Participants at WACC 2026 will include chief executives of ICT and telecommunications companies, data centre operators, internet service providers, banks and fintech firms, regulators, venture capital investors, startup founders, academics, and professional associations.

State governments are also expected to feature prominently through a dedicated investors’ pitch session, showcasing digital governance initiatives, infrastructure projects, and investment-ready opportunities at the subnational level.

Two Decades of Bridging Policy and Innovation

The West Africa Convergence Conference is organised by Knowhow Media International, publishers of IT Edge News.Africa. For more than two decades, WACC has served as a bridge between government policy and private-sector innovation.

Sola Afolabi, Chairman of WACC 2026, said the conference remains critical to shaping national dialogue on digital transformation and economic development.

 Recognising Digital Economy Trailblazers

The event will also honour outstanding individuals and institutions shaping Nigeria’s digital and innovation landscape through the 50 Most Influential Figures in Nigeria’s Digital Economy 2026 awards. Touted as the sector’s OSCARS, the business recognition is designed to reward excellence and inspire the next generation of pathfinders.

Commenting on the conference’s significance, Olusegun Oruame, CEO of Knowhow Media International, said: “Nigeria’s digital economy has emerged as one of the country’s strongest growth engines. Equally crucial is bringing political leaders, policymakers, and the business community together. This convergence is essential for achieving real and sustainable growth.”

Industry Context: ICT Contribution to GDP

WACC 2026 comes against the backdrop of rapid expansion in Nigeria’s ICT sector. Industry data indicates that ICT now contributes over 18% of Nigeria’s Gross Domestic Product (GDP), reinforcing its role as a key driver of economic diversification and growth.

• Nigeria’s Gross Domestic Product (GDP) is projected to rise by 4.0% in 2026, compared to global GDP growth of 3.1%
• Fiscal reforms and investments are unlocking new consumption and business activity
• Shifts in global trade flows reshape export dynamics
• SMEs and digital adoption remain key growth themes

The Mastercard Economics Institute (MEI) has released ‘Economic Outlook 2026’, its annual report identifying themes that will shape this year’s economic landscape.

The report examines how global policy changes which grabbed headlines in 2025 will continue to influence economies around the world throughout 2026.

Growth across Sub-Saharan Africa is expected to strengthen in 2026, supported by easing inflationary pressures, resilient consumer demand and infrastructure investment.

Nigeria’s economy is expected to expand by 4.0% in 2026, outpacing the projected global growth of 3.1%. Growth is expected to be driven by resilient consumer demand as fiscal reforms ease pressures on households and major investment programs support business activity.

Inflation pressures are forecast to be moderate across Africa, aided by a weaker US dollar and lower energy prices, allowing room for central banks to reduce interest rates.

Mastercard data indicates that in Nigeria, consumers have already increased their discretionary spending in the first half of 2025, most notably on travel, signalling growing consumer confidence.

“Nigeria’s economic outlook highlights the benefits of reform momentum and slowing inflation, which are helping to restore purchasing power. While global trade pressures remain, strong domestic demand and diversification into strategic industries are expected to support growth in 2026,” said Khatija Haque, chief economist, EEMEA, Mastercard Economics Institute.

“Nigeria’s reform momentum and improving business sentiment are unlocking new avenues for growth, from everyday consumer spending to the rise of technology-driven enterprises. With one of the continent’s most dynamic consumer markets, the outlook for 2026 highlights Nigeria’s powerful role in shaping Africa’s economic future,” said Folasade Femi-Lawal, country manager, West Africa at Mastercard.

Key findings from the report include:

Reforms are supporting stronger consumer demand

Structural reforms and moderating inflation are expected to improve household balance sheets, enabling consumers to spend more freely. Demand for services, including travel, leisure and lifestyle, has already strengthened, according to Mastercard data.

Diversifying trade with emerging markets

African economies, including Nigeria, are trading more within the EEMEA region and with other emerging markets.

As US tariffs affect key sectors including automobiles, textiles and agricultural products, the Chinese Mainland’s removal of import duties on most African goods could help open alternative markets, deepening exporters’ integration into global supply chains.

As trade corridors expand, Mastercard’s cross-border payment solutions support businesses by enabling faster, more secure and more efficient international transactions.

Investment remains a key driver of growth

Investment is expected to remain a key driver of economic growth across Africa, including Nigeria. MEI notes that investments in renewable energy, transport and logistics infrastructure, natural resources and urban development should bolster economic activity by strengthening productive capacity and supporting longer-term growth.

Digital transformation boosts SME participation

The MEI anticipates digital transformation, particularly deeper AI integration, will boost productivity and growth.

With growing adoption of digital payment tools globally,  MEI sees an opportunity for SMEs to continue to gain share in tech-driven services.

To succeed, SMEs require strategic agility and digital readiness.  Those that are the most flexible and tech forward are likely to be best positioned to accelerate growth.

Consumers worldwide will remain savvy, focusing on international, tech-enabled and value-conscious spending.

They will continue to prioritize meaningful moments, such as travel and live events, while remaining price-sensitive for many necessary goods.

The ‘Economic Outlook 2026’ report draws on a multitude of public and proprietary data sets, including aggregated and anonymized Mastercard sales activity, as well as models that are intended to estimate economic activity.

With the country’s natural resources, youthful population, and growing entrepreneurial sector, Nigeria has lots of prospects but achieving this target requires addressing structural and collaborative challenges while leveraging opportunities.

Recently, the approval of a new minimum wage of ₦70,000 and the operational progress of the Dangote Refinery, have presented opportunities for economic change. Simultaneously, Nigeria’s participation in the African Continental Free Trade Area (AfCFTA) opens doors to expand trade. 

Doubling Nigeria’s GDP by 2030 is a necessity for global competitiveness and achieving this will help in meeting the United Nations Sustainable Development Goals (SDGs) and bringing millions of Nigerians out of poverty.

Understanding Nigeria’s Current Economic Situations

Overview of Current GDP

Nigeria’s economy is mixed and unevenly developed, comprising four key sectors which contribute as follows:

• Oil and Gas: While it contributes just 5.70% to GDP, it accounts for over 90% of export revenues. The Dangote Refinery’s imminent operations seek to reduce reliance on fuel imports and enhance export capacity.
• Agriculture: Contributing 28.65% to GDP, this sector employs a majority of Nigerians but is limited by outdated methods.
• Services: Covering telecoms, banking, and trade, this sector contributes about 53.58% to GDP, with fintech leading in digital financial inclusion.
• Manufacturing: Contributing only 8.21% to GDP, it remains underdeveloped despite its prospect for driving job creation and value addition.

Challenges

• Low Productivity: Particularly in agriculture and manufacturing, worsened by inadequate mechanisation and training.
• Policy and Infrastructure Gaps: Poor roads, erratic electricity supply, and inconsistent regulations deter investors.
• Financial System Issues: Recent changes in digital banking, such as Opay and PalmPay’s increased transfer fees, have made customers flare up with complaints, underlining the need for financial sector optimization.

Opportunities

• Tech and Fintech Growth: Valued at over $27.75 billion, Nigeria’s tech industry is made up of innovative startups attracting global investments. The fintech sector alone attracts over $2 billion in investments.
• Agricultural Modernisation: Leveraging tech-driven solutions to boost productivity and exports.
• AfCFTA Participation: Nigeria is capable of leading in regional trade, particularly by processing raw materials into value-added exports.

To understand how Nigeria can achieve this target, it is useful to look at successful economies that have achieved commendable economic growth. 

Countries like China, India, and Vietnam have shown that focused investments in infrastructure, human capital, and export-oriented policies can lead to huge economic scale-up. 

China, for example, focused on manufacturing, export-driven industries and infrastructure development, while India leveraged its IT sector and human capital, the country also focused on policy reforms. Vietnam, on the other hand, attracted foreign direct investment (FDI) and implemented export-oriented policies, which contributed to its growth. 

Nigeria can replicate these achievements by prioritising infrastructure, policy consistency, and workforce development.

The Pillars of Growth

To realize the goal of doubling its GDP by 2030, Nigeria must focus on several pillars.

Infrastructure Development is necessary for Nigeria’s growth. With over 85 million Nigerians lacking access to reliable electricity, the energy sector needs urgent reform. Industrial productivity is limited without a stable power supply. 

Again, improving transport networks, including roads and rail, is essential to reducing business costs and improving the efficiency of trade. Digital infrastructure, including the rollout of 5G and enhanced broadband penetration, will also help in advancing the tech-driven growth Nigeria needs.

Human Capital Investment is another major area. Education reform, particularly in science, technology, engineering, and mathematics (STEM), along with vocational training, can provide Nigeria’s youth with the skills necessary for the changing job market. 

A healthier population, supported by improvements in the healthcare system, will also contribute to increased productivity. Added to these, engaging the Nigerian diaspora, which sends home about $22 billion annually in remittances, can support investments in innovation, education, and technology.

Diversifying the Economy is essential for reducing Nigeria’s dependence on oil. The country must modernize agriculture through the adoption of technology, mechanisation, and improved irrigation systems. 

Also, boosting the fintech sector, which has already shown strong growth, can drive financial inclusion, while clean energy solutions can promote sustainable development. 

Manufacturing also holds a huge impact, especially if the sector focuses on value-added production, thus reducing import dependence and expanding export capacity.

Policy and Governance Reforms are necessary for creating an environment conducive to growth. Political stability and transparency in governance can bring in more investments, while anti-corruption measures will help secure billions of dollars in funds that have previously been misappropriated. 

Simplifying bureaucratic processes will also be required to attract foreign investments. Regulatory clarity will be necessary for businesses to operate smoothly, particularly in sectors like fintech and e-commerce.

Trade and Export Growth through participation in regional trade agreements such as the African Continental Free Trade Area (AfCFTA) can help expand Nigeria’s markets. In processing raw materials locally for export, Nigeria can increase its export revenues significantly.

Financial System Optimization is important for ensuring that small and medium enterprises (SMEs) have access to funding. Strengthening microfinance institutions and venture capital will provide the necessary capital for businesses to grow. 

At the same time, ensuring that inflation is kept under control and stabilizing the naira will improve the overall investment climate.

Technology and Innovation

Technology, particularly in the areas of fintech and e-commerce, will serve as one of Nigeria’s strongest stimulants for growth. Lagos has already become a leading hub for tech innovation in Africa, attracting investments from global firms. 

Startups in Nigeria are scaling internationally, while innovations in agriculture, healthcare, and education are improving productivity across sectors. The rollout of digital initiatives such as the National Digital Economy Policy and Strategy 2020-2030 will further reorient Nigeria’s economy toward digitalization, enabling it to capture new opportunities in the global digital economy.

Challenges and Mitigation Strategies 

Even with the many opportunities, Nigeria still has several challenges it needs to deal with to double its GDP by 2030. 

Funding gap for large-scale infrastructure projects is a big issue, with an estimated $100 billion needed annually.

Plus, there are risks associated with policy resistance, particularly from entrenched interests that may oppose necessary reforms. 

Global economic conditions, such as fluctuating oil prices and rising interest rates, could also cause risks to Nigeria’s economic stability. However, public-private partnerships, transparent governance, and revenue diversification can mitigate some of these challenges.

The Economic and Social Benefits of Doubling Nigeria’s GDP

Doubling Nigeria’s GDP by 2030 would yield benefits that if well maintained, will build a resilient economy. They include:

• Job Creation: Millions of new jobs across sectors.
• Improved Living Standards: Reduced poverty and higher per capita income.
• Regional Influence: Strengthened leadership in African economic affairs.

Doubling Nigeria’s GDP by 2030 looks like a challenge now, but is possible with collective efforts from the government, private sector, and citizens. 

Being strategic about creating reforms, investing in infrastructure, human capital, and diversifying the economy, will enable Nigeria to gain sustainability and become unshakable. 

The nation’s success tomorrow depends on the decisions and actions taken today, so the time to act is now. Nigeria can achieve sustainable growth and become a strong economy competing globally.

Showing improvement over the 3.19% growth seen in the second quarter of the year, the increase was primarily driven by the performance of the services sector, which contributed to the overall economic expansion.

As revealed in the latest report from the National Bureau of Statistics (NBS), the services sector grew by 5.19% in Q3 2024, accounting for 53.58% of the total GDP. The telecommunications sector, information services, and financial institutions led the growth. 

These sectors have benefitted from increased demand for digital services and connectivity, as digital transformation continues to be the order of the day across the country.

In contrast, the agricultural sector saw slower growth, with a 1.14% increase in real terms, which is a slight dip from the 1.30% growth in Q3 2023. Crop production was a key contributor to food security and rural employment.

The industrial sector also recorded a stronger performance, growing by 2.18%, a rebound from the 0.46% growth in the same quarter last year. 

This improvement was driven by increased activity in the mining and quarrying subsectors, particularly crude petroleum and natural gas production, alongside modest gains in manufacturing and construction.

The oil sector saw year-on-year growth of 5.17%, marking a recovery from the -0.85% contraction in Q3 2023. However, this growth was slower compared to the 10.15% posted in the previous quarter. 

Nigeria’s average daily oil production increased to 1.47 million barrels per day (mbpd), up slightly from 1.45 mbpd in Q3 2023. The oil sector’s contribution to the total GDP stood at 5.57%, which is an improvement from the previous year but slightly down from Q2 2024.

In terms of nominal GDP, Nigeria’s economy reached N71.13 trillion in Q3 2024, a 17.26% increase from the N60.66 trillion recorded in the same period in 2023. This shows a combination of higher inflation and increased economic activity across various sectors.

The non-oil sector still tops Nigeria’s economy, accounting for 94.43% of GDP in Q3 2024, a slight decrease from 94.52% in the previous year but an increase from 94.30% in the second quarter. 

This sector’s growth was driven by solid performances in financial services, telecommunications, agriculture, transport, trade, and construction.

The government has also outlined plans to rebase the country’s Consumer Price Index (CPI) and GDP by 2025, to improve policy formulation and boost investor confidence. 

This rebase is expected to provide a more accurate reflection of Nigeria’s economic activities and support future growth.

From the periphery, it could be said the capital inflow means the sector would have a continued flourishing end, but foresight tells us there is a need for certain policy shifts and in-depth management, to sustain the tempo of FDIs.

Opportunities

The increase in FDIs positively impacts Nigeria’s digital transformation agenda, with the government’s target of connecting at least 70% of the population to broadband by 2025. 

To achieve this, Nigeria requires an estimated $3.4 billion in investments for fibre infrastructure and the Federal Government has launched a Special Purpose Vehicle (SPV) to spearhead this expansion, aiming to deliver an additional 90,000 km of fibre optic cable. 

This initiative aims to connect over 200,000 educational, healthcare, and social institutions across the country.

The probable economic impact of these investments cannot be overstated. Increased connectivity is expected to drive internet penetration beyond 70%, reduce internet access costs by more than 60%, and contribute to a 1.5% GDP growth per capita. 

This could see Nigeria’s GDP rise from $472.6 billion in 2022 to $502 billion within the next four years. Early indicators of the SPV’s effectiveness are positive, with 30,000 km of new fibre optic cables already laid and a 10% increase in internet penetration since its launch. 

Added to this, some regions have seen internet costs drop by up to 30%, boosting business efficiency and consumer access to digital services.

The Fragility beneath the Surface

While the opportunities are many, there are risks that could undermine these successes, causing adverse effects across Nigeria’s economy. 

Hillson’s ‘Practical Project Risk Management’ (2012) defines risk as uncertainty affecting outcomes. In financial contexts, Black and Scholes’ ‘The Pricing of Options and Corporate Liabilities’ (1973) and the PMBOK Guide (2017) note that “risk is an inherent part of doing business.”

A good way to understand these risks is to examine strategies of successful business leaders. Richard Branson and Aliko Dangote, for example, have both emphasized the necessity of taking calculated risks. 

In an interview with Forbes, Dangote noted, “To be successful, one needs to be able to take risks and make bold decisions,” which resonates with Branson’s view that “risk is an inherent part of doing business.”

According to records, in 2023, global business failures surged due to inflation, economic uncertainty, and supply chain issues. The U.S. reported 157,000 closures, up from 140,000 in 2022, while the UK saw around 18,000 insolvencies, a rise from 16,000. In Europe, Germany experienced a 10% increase in corporate bankruptcies.

Back home in Africa, business failures also increased, with Nigeria seeing about 12,000 closures, South Africa experiencing an 8% rise, and Kenya facing over 8,000 failures. Egypt encountered rising closures due to economic reforms and currency devaluation.

These statistics tell us about the fragility of the global and regional business environment, where even seemingly powerful sectors are not immune to failure. 

The Nigerian telecommunications sector, despite its supposed boom, faces several high risks that could deter future investments and potentially lead to a downturn.

Key among these risks is regulatory and policy fluctuations. Frequent changes in regulations can create an unpredictable business environment, making it difficult for investors to commit long-term. 

The consequences could include investor flight, as frequent changes in regulations may deter foreign investors, leading to a decline in FDIs inflows. Compliance with new regulations can be expensive, resulting in increased operational costs for telecom operators, while regulatory changes may disrupt existing services, negatively impacting customer satisfaction and business operations.

Again, multiple taxation by various government agencies increases operational costs, reducing profitability for telecom operators. 

The issue of Right of Way (RoW), where inconsistent policies across states make it cumbersome and expensive to lay fibre optic cables, also poses a serious challenge.

Another vital risk factor is Nigeria’s unreliable power supply. Telecom operators are forced to invest heavily in backup power solutions, further inflating operational costs. 

Interconnection settlement disputes among telecom operators, which can lead to service disruptions and financial losses, add another layer of risk.

Economic instability, denoted by fluctuations in exchange rates and inflation, is perhaps the most disturbing issue. 

Inflation has greatly impacted the sector in 2024, driving up the cost of imported equipment and operational expenses. This has put huge pressure on telecom operators to maintain profitability, with many calling for tariff increases to offset rising costs. 

However, in a price-sensitive market like Nigeria, higher tariffs could dampen consumer demand, creating a vicious cycle that threatens the sector’s growth.

Adding to these economic challenges is the unending insecurity and social unrest. The issues of terrorism, banditry, and kidnappings in Nigeria is gradually creating an environment that can deter foreign investors.

The fear of potential attacks and the safety of personnel and assets have put fear in the minds of people.

This insecurity can lead to increased costs for businesses, such as higher insurance premiums and the need for private security, which can reduce the attractiveness of Nigeria as an investment destination.

As inflation rates increase, the cost of living becomes more expensive for the average citizen, leading to a huge burden. These protests have disrupted business operations, supply chains, and overall economic activity.

For foreign investors, such disruptions can mean delays, increased operational costs, and uncertainty about the stability of their investments.

The unpredictability of these protests makes it challenging to plan long-term investments, further discouraging FDI.

If these risks are not addressed, the outstanding profits made in attracting FDIs could quickly unravel. As MTN’s CEO and other industry experts have warned, a lack of adequate returns due to these challenges could lead to a reduction in future investments. 

This would not just slow down the expansion and improvement of telecom infrastructure but could also lead to investors withdrawing altogether, potentially causing a collapse of the sector. 

Such a collapse would have far-reaching consequences, threatening the stability of other sectors that rely heavily on telecommunications, from finance to healthcare.

The resilience of Nigeria’s telecom sector is fixed on how well these risks are managed. While the opportunities are huge, the challenges are equally huge. 

It will require a joint effort from all stakeholders — government, private sector, and investors — to develop and implement sustainable strategies that ensure the sector’s continued growth and resilience.

In conclusion, the influx of FDIs in 2024 is a positive sign, but it is not a guarantee of success. Strategic risk management, clear regulatory frameworks, and a stable economic environment are essential to ensuring that Nigeria’s telecom sector survives and thrives in the years to come. 

The decisions made today will determine whether the sector remains a huge contributor to the country or becomes another casualty of unmitigated risks.