The AERMP forecasts Nigeria will experience economic growth by 2025, with reduced inflation driven by government reforms. Olayinka Odutola highlights successes such as decreasing food prices and increased power generation, while recommending a focus on local production and small businesses as key strategies to mitigate the effects of external tariffs.
The Association of Enterprise Risk Management Professionals (AERMP) has forecasted a reduction in inflation rates and an economic boom for Nigeria by 2025, despite global tariff wars. In a recent interview with the News Agency of Nigeria, Olayinka Odutola, the Director General and Chief Executive Officer of AERMP, expressed optimism regarding the country’s economic outlook.
Odutola referenced the significant drop in food prices and improvements in power generation as indicators of the progress made under President Bola Tinubu’s administration. He noted that the government’s effective policies during the Ramadan period led to decreased food prices by addressing hoarding practices.
In addition to food price reductions, Odutola highlighted the increase in power generation by the Transmission Company of Nigeria to 5,713.60 megawatts as a key development that benefits industries. He advocated for continued support of reforms to unlock Nigeria’s economic potential and enhance its relevance in the global market.
To mitigate the impact of US tariff hikes, Odutola emphasized the need for Nigeria to reduce import dependency. He suggested boosting local production, addressing infrastructure deficits, enhancing power generation, and empowering small businesses as vital solutions. Moreover, he called for a concerted focus on micro, small, and medium-sized enterprises (MSMEs), which he believes are essential for economic growth.
Odutola praised governmental efforts to provide low-interest loans to small businesses, while urging banks and fintech companies to increase their contributions to financing these enterprises. Furthermore, he recommended that all levels of government undertake a registration process for small businesses in Nigeria to gather accurate data for better addressing their growth challenges.
In conclusion, Olajinka Odutola’s insights provide a positive forecast for Nigeria’s economy by 2025, highlighting potential reductions in inflation and growth driven by governmental reforms and local production. His recommendations stress the importance of empowering small businesses and enhancing infrastructure while mitigating external economic pressures. The AERMP’s predictions imply that with strategic interventions and policies, Nigeria may navigate its economic challenges effectively.
Original Source: dailynigerian.com
