The AERMP predicts an economic boom for Nigeria in 2025, citing government reforms that are already leading to falling food prices and improved power generation. Olayinka Odutola emphasized the importance of decreasing import dependency and boosting small businesses to mitigate potential impacts from global tariff wars, particularly from the US.
The Association of Enterprise Risk Management Professionals (AERMP) has forecasted a significant economic boom for Nigeria in 2025, alongside a continued decrease in inflation. Olayinka Odutola, the Director General and Chief Executive Officer of AERMP, shared this optimistic prediction during a phone interview with the News Agency of Nigeria, despite concerns about potential inflation impacts from global tariff wars, particularly those initiated by the United States.
Mr. Odutola highlighted that the reforms under President Bola Tinubu’s administration are already yielding positive results. He cited a reduction in food prices and improvements in power generation as indicative of progress. He emphasized that government interventions have effectively curbed food price inflation, particularly during the Ramadan period, traditionally marked by high prices.
In addition to food price management, Mr. Odutola commended efforts to address security challenges that hinder food production. He called for enhanced agricultural reforms to attract youth participation in farming, noting that higher power generation levels by the Transmission Company of Nigeria, now at 5,713.60 megawatts, will facilitate industrial growth.
To further unlock Nigeria’s economic potential, the AERMP director called for sustained support of ongoing reforms. He argued that mitigating the impact of US tariff increases requires a concerted effort to decrease import dependency, advocating for stronger local production, improved infrastructure, enhanced power generation, and support for small businesses.
Mr. Odutola underscored the importance of small to medium-sized enterprises (MSMEs) as the backbone of the economy, stating that many advanced economies prosper by leveraging these businesses. He acknowledged the government’s initiatives to support MSMEs through lower interest rates but stressed the need for banks and fintech companies to provide further financial assistance to these enterprises.
He urged local governments to prioritize the registration of small businesses to gather accurate data, which would help identify and address their growth challenges effectively. Additionally, Mr. Odutola recognized reforms in the foreign exchange market and their role in combating fraud, while also recommending measures to boost local production and explore alternative energy sources.
The predictions made by AERMP’s Olayinka Odutola indicate a positive economic trajectory for Nigeria by 2025, driven by government reforms and efforts to combat inflation. The emphasis on supporting small businesses and reducing import dependency highlights the need for sustainable economic growth. Furthermore, addressing security in food production and fostering agricultural reforms will be crucial in realizing Nigeria’s economic potential in the face of global challenges.
Original Source: dailynigerian.com
