AERMP Predicts Economic Growth for Nigeria Amid Global Challenges

Mr. Olayinka Odutola of the AERMP forecasts an economic boom for Nigeria by 2025, despite global inflation concerns. He cites governmental reforms, decreased food prices, and increased power generation as positive indicators while emphasizing the importance of reducing import dependency and supporting small businesses to foster economic resilience.

The Association of Enterprise Risk Management Professionals (AERMP) is optimistic about Nigeria’s economic future, projecting a significant economic boom by 2025. Mr. Olayinka Odutola, the AERMP Director General/CEO, articulated this forecast despite concerns from experts, including those at the Central Bank of Nigeria, regarding potential inflation linked to US tariff increases.

Odutola indicated that reforms initiated under President Bola Tinubu’s administration are yielding positive economic outcomes, including reductions in food prices and improvements in power generation. He highlighted that the government’s actions have successfully countered the usual price hikes associated with the Ramadan period through measures that deter food hoarding.

He praised the increase in power generation by the Transmission Company of Nigeria to 5,713.60 megawatts, emphasizing its crucial role in enhancing the industrial sector’s capabilities. Odutola asserted the necessity for ongoing reforms to harness Nigeria’s economic potential for greater global relevance while stressing the importance of reducing dependency on imports.

To combat vulnerabilities linked to US tariffs and foster domestic production, Odutola recommended strengthening local supply chains, addressing infrastructure deficits, and empowering small businesses. His analysis underscored that the backbone of thriving economies lies within their Micro, Small, and Medium-sized Enterprises (MSMEs).

While commending government initiatives aimed at providing low-interest loans to small businesses, he stressed the need for greater involvement from banks and fintech companies to ensure adequate financing. Furthermore, he advocated for the registration of small businesses for precise data collection and better growth strategies.

Odutola also recognized improvements in the foreign exchange market aimed at curbing fraudulent practices, alongside advancements in the oil and gas sector, while calling for enhanced local production and diversified energy sources.

In summary, Mr. Olayinka Odutola’s insights highlight a positive trajectory for Nigeria’s economy, driven by governmental reforms and strategic initiatives to boost local production and empower small businesses. The focus on reducing import dependency and enhancing power generation will be pivotal in mitigating external inflationary pressures. His call for collaboration among stakeholders underscores the collective effort needed to capitalize on Nigeria’s economic potentials and resilience.

Original Source: nannews.ng