The AERMP forecasts a decline in inflation and an economic boom for Nigeria by 2025, driven by government reforms and increased local production. Director Olayinka Odutola highlights the importance of supporting small businesses and addressing import dependency to mitigate potential impacts from global tariff hikes.
The Association of Enterprise Risk Management Professionals (AERMP) anticipates a decline in inflation and an economic boom for Nigeria by 2025, notwithstanding current global tariff wars. Olayinka Odutola, the Director General and Chief Executive Officer of AERMP, expressed this view during a telephone interview with the News Agency of Nigeria, highlighting Nigeria’s resilience amid concerns from experts and the Central Bank of Nigeria regarding potential inflation due to US tariff hikes.
Mr. Odutola noted that reforms implemented by President Bola Tinubu’s administration are yielding positive results, such as reduced food prices and enhanced power generation. He emphasized that government actions have mitigated inflation during traditional price surge periods, particularly during Ramadan when prices typically rise.
He further commended the Transmission Company of Nigeria for increasing power generation to 5,713.60 megawatts, which he believes is critical for industrial growth. He highlighted the necessity for Nigeria to support these ongoing reforms to unlock its vast economic potential and improve its presence in the international market.
To counter the adverse effects of US tariff increases, Mr. Odutola urged the need for Nigeria to minimize import dependency through local production enhancement, improved infrastructure, increased power generation, and empowerment of small businesses. He appealed for heightened support and development of the Micro, Small and Medium-sized Enterprises (MSMEs), regarded as the backbone of the economy.
He acknowledged the government’s initiatives to provide low interest rates for small businesses but indicated that further efforts from banks, fintech firms, and the private sector are essential to bridge existing gaps in financial support. Mr. Odutola also recommended that all levels of government prioritize the registration of small businesses to enable precise tracking of their growth and challenges and commended reforms in the foreign exchange market and oil and gas sector while advocating for increased local production and alternative energy sources.
In conclusion, the AERMP’s outlook for Nigeria’s economy by 2025 is optimistic, attributing potential growth to government reforms despite global economic challenges. Mr. Odutola advocates for reduced import reliance, support for small businesses, and significant investment in local production. Such measures are deemed essential for sustaining economic resilience and enhancing Nigeria’s global economic relevance.
Original Source: dailynigerian.com
