The AERMP forecasts an economic boom for Nigeria by 2025 with decreasing inflation, as per Mr. Olayinka Odutola. He highlights government reforms under President Tinubu that are lowering food prices and boosting power generation. Odutola emphasizes the need for reducing import dependency and enhancing support for small businesses to realize Nigeria’s economic potential.
Recent predictions by the Association of Enterprise Risk Management Professionals (AERMP) indicate a potential economic boom for Nigeria by 2025, alongside an anticipated decrease in inflation. Mr. Olayinka Odutola, the AERMP Director General and CEO, expressed optimism during an interview with the News Agency of Nigeria, despite concerns regarding US tariff hikes affecting local inflation rates.
Odutola highlighted the positive outcomes of the current administration under President Bola Tinubu, citing reduced food prices and enhanced power generation as indicators of growth. He noted that fluctuations during the Ramadan period traditionally lead to price hikes; however, government interventions have successfully countered food hoarding, resulting in significant price reductions.
The Director-General also emphasized the necessity of combating insecurity to bolster food production and advocated for reforms within the agricultural sector to attract youth into farming. He acknowledged that the Transmission Company of Nigeria’s increased power generation capacity—now at 5,713.60 megawatts—would contribute to industrial productivity.
Odutola urged for collaborative support of ongoing reforms to unlock Nigeria’s vast economic potential, asserting the need to decrease reliance on imports. He recommended increasing local production capabilities, addressing infrastructure deficiencies, and empowering small businesses to mitigate the negative impacts of external tariff increases.
He also stressed the importance of Micro, Small, and Medium-sized Enterprises (MSMEs) as crucial economic pillars, observing that advanced nations thrive by harnessing MSMEs’ strengths. In light of this, he praised current government efforts on low interest rates for small businesses but emphasized the need for banks and fintechs to enhance their support and provide accessible loans to these enterprises.
To effectively promote the growth of small businesses, Odutola recommended that governmental bodies focus on accurate registration practices to gather comprehensive data. He acknowledged improvements in the foreign exchange market, ongoing advancements in the oil and gas sector, and reiterated the need for increased local production and exploration of alternative energy sources.
In summary, Mr. Olayinka Odutola’s insights reveal a hopeful forecast for Nigeria’s economy, with expectations of a boom by 2025 driven by governmental reforms and a reduction in inflation rates. Emphasizing the importance of local production and small businesses, he advocates for collaborative efforts to empower these sectors, mitigate import dependencies, and leverage Nigeria’s economic potential effectively. A call for comprehensive data collection on small enterprises further supports targeted growth initiatives.
Original Source: nannews.ng
