AERMP predicts Nigeria’s economy will experience significant growth by 2025, citing reforms under President Tinubu as beneficial. Key improvements include declining food prices and enhanced power generation. The focus should be on reducing import dependency and supporting small businesses for sustainable growth.
The Association of Enterprise Risk Management Professionals (AERMP) has forecasted an economic boom for Nigeria by 2025 despite prevailing global tariff wars. Olayinka Odutola, the AERMP Director General, expressed optimism about declining inflation in a recent interview, countering concerns from the Central Bank of Nigeria about potential impacts from U.S. tariff increases. He emphasized that reforms under President Bola Tinubu’s administration are yielding positive results, notably in reduced food prices and enhanced power generation.
Odutola noted that government measures have successfully curbed food price inflation during traditionally high price periods, particularly during Ramadan. He pointed out that efforts to combat food hoarding have contributed to significant drops in essential food prices. Additionally, he highlighted the increased power generation capacity of the Transmission Company of Nigeria, which currently stands at 5,713.60 megawatts, facilitating improved industrial productivity.
The AERMP leader stressed the necessity of ongoing reforms to capitalize on Nigeria’s economic potential in the global market. He advised that reducing dependency on imports is crucial for mitigating the effects of U.S. tariff hikes. Solutions proposed include boosting local production, addressing infrastructure deficits, enhancing power generation, and empowering small businesses.
Odutola remarked on the importance of small and medium-sized enterprises (SMEs), calling them the backbone of the economy. He praised government initiatives aimed at providing low-interest loans to SMEs but stated that further action is needed by banks and fintech companies to bridge financial gaps.
He also urged all levels of government to register small businesses for better data collection, which is vital for tackling growth challenges. Moreover, he welcomed progress in the foreign exchange market in mitigating fraud and emphasized the importance of bolstering local production and exploring alternative energy sources for economic resilience.
The outlook for Nigeria’s economy by 2025 is optimistic, supported by administrative reforms that have already begun to show tangible improvements in food prices and power generation. Key recommendations for sustaining growth include reducing import dependency and enhancing the role of small businesses. With concerted efforts and strategic policies, Nigeria may successfully navigate external economic pressures while leveraging its local potential.
Original Source: dailynigerian.com
