AERMP predicts economic boom in Nigeria by 2025 despite global tariff issues. Director General Mr. Olayinka Odutola highlights government reforms leading to food price drops and improved power generation. He advocates for reducing import reliance, enhancing local production, and boosting small businesses to strengthen the economy.
The Association of Enterprise Risk Management Professionals (AERMP) forecasts a decline in inflation and an economic boom in Nigeria by 2025, despite ongoing global trade tensions. Mr. Olayinka Odutola, the AERMP Director General, emphasized signs of growth from governmental reforms under President Bola Tinubu’s administration, including reductions in food prices and improvements in power generation.
Odutola highlighted that government efforts have successfully lowered food inflation during the usually high-price Ramadan period. Effective policies have discouraged food hoarding, contributing to the current decline in food prices, which he regards as a positive indicator of progress.
In addressing agricultural insecurity, he advocated for reforms to entice youth into farming. Notably, he mentioned the Transmission Company of Nigeria’s power generation increase to 5,713.60 megawatts, which he asserted would benefit industrial growth.
To combat the effects of US tariff hikes, Odutola stressed the need for Nigeria to reduce its reliance on imports. He suggested strengthening local production, improving infrastructure, enhancing power generation, and supporting small businesses as crucial steps forward.
Odutola underscored the importance of small businesses, identifying them as the backbone of the economy, akin to the Micro, Small, and Medium-sized Enterprises (MSMEs) that support developed countries. He commended government initiatives to provide low-interest loans to small enterprises but urged more involvement from banks and fintechs.
He recommended that all levels of government register small businesses to acquire accurate data, facilitating targeted support for growth. Additionally, he praised reforms in the foreign exchange market addressing fraud and expressed support for advancing alternative energy sources alongside increasing local production.
In summary, Mr. Olayinka Odutola’s predictions spotlight a hopeful economic trajectory for Nigeria, highlighting reforms that have led to reductions in inflation and improved agricultural output. The emphasis on bolstering local production, reducing import dependency, and enhancing the status of small businesses outlines a strategic approach for Nigeria to navigate economic challenges and secure a prosperous future. Continued collaboration among government, financial institutions, and the private sector will be essential for achieving these goals.
Original Source: nannews.ng
