The AERMP predicts a significant drop in inflation and economic growth for Nigeria by 2025. Director General Olayinka Odutola emphasizes President Tinubu’s reforms, which have started to yield positive effects such as falling food prices and increased power generation. He advocates for reducing import reliance and enhancing local production to strengthen Nigeria’s economy amid global tariff challenges.
The Association of Enterprise Risk Management Professionals (AERMP) has forecasted a steady decline in inflation and an economic boom for Nigeria by the year 2025, despite existing global tariff conflicts. Mr. Olayinka Odutola, the Director General/Chief Executive Officer of AERMP, shared these insights during an interview with the News Agency of Nigeria. He expressed optimism about Nigeria’s economic prospects, even as concerns linger over US tariff hikes potentially leading to inflation.
Mr. Odutola highlighted that the reforms initiated by President Bola Tinubu’s administration are beginning to manifest positively, including a significant decrease in food prices and improvements in power generation. He noted that historical trends during Ramadan often see price surges; however, due to government interventions, hoarding practices have been curtailed, resulting in falling food prices at a critical period.
He further commended ongoing initiatives to combat insecurity that hinders food production and suggested that reforms in the agricultural sector should be prioritized to engage more youth in farming activities. Odutola pointed out that the increase in power generation to 5,713.60 megawatts by the Transmission Company of Nigeria stands as a positive development that can enhance industrial operations.
The AERMP Director-General advocated for increasing public support for current reforms to unlock Nigeria’s vast economic potential. He emphasized that to effectively counter US tariff hikes, it is imperative to diminish import reliance. Key strategies proposed include enhancing local production, resolving infrastructure challenges, improving power generation, and empowering small businesses.
Mr. Odutola emphasized the necessity of reducing import dependency while advocating for the enhancement of Micro, Small, and Medium-sized Enterprises (MSMEs), which serve as the foundation of any resilient economy. He commended the government’s efforts in offering low-interest loans to small businesses, but stressed that additional support from banks, fintechs, and the private sector is essential to bridge existing gaps.
He also recommended that all government levels embark on the registration of small businesses in Nigeria to gather accurate data that could facilitate effective growth strategies. Furthermore, he praised recent reforms aimed at stabilizing the foreign exchange market and combating fraudulent practices, stating that they are crucial for bolstering local production and exploring alternative energy sources.
In conclusion, the predictions regarding Nigeria’s economic landscape suggest a promising future, driven by government reforms and collaborative efforts. Emphasizing local production and the pivotal role of small businesses may help the nation mitigate inflation impacts and become more competitive globally. Ongoing support for these reforms is critical for enhancing Nigeria’s economic growth.
Original Source: nannews.ng
