The AERMP, led by Mr. Olayinka Odutola, forecasts an economic boom for Nigeria in 2025, citing effective reforms by the government despite global tariff challenges. Significant improvements in food prices, power generation, and initiatives to support local production and small businesses are highlighted as factors contributing to this optimistic outlook.
On March 16, 2025, the Association of Enterprise Risk Management Professionals (AERMP) projected a significant economic boom for Nigeria, forecasting a continued decline in inflation amidst global tariff conflicts. Mr. Olayinka Odutola, the Director General/Chief Executive Officer of AERMP, shared this optimistic outlook in an interview with the News Agency of Nigeria, emphasizing the positive impact of the ongoing reforms introduced by President Bola Tinubu’s administration.
Odutola highlighted that despite concerns from experts, including the Central Bank of Nigeria, regarding potential inflation due to rising U.S. tariffs, there have been tangible improvements, such as reduced food prices and enhanced power generation. He noted that the Nigerian government’s strategies are effectively lowering food inflation, particularly during the typically high-price Ramadan period, by curtailing food hoarding. “Food prices have been dropping significantly. So, that means there is something that we are getting right,” he affirmed.
Further, Odutola acknowledged efforts made to combat insecurity affecting food production and encouraged more reforms to engage youth in agriculture. He cited the Transmission Company of Nigeria’s increase in power generation to 5,713.60 megawatts as a crucial development that would facilitate industrial growth.
He urged for collaborative support of ongoing reforms to unlock Nigeria’s economic potential and emphasized the necessity of reducing import dependency to mitigate the impacts of U.S. tariffs. Odutola proposed that boosting local production, addressing infrastructure challenges, enhancing power generation, and empowering small businesses are essential strategies. “We must reduce import dependence by all means. We must focus on strengthening local production, whether we like it or not,” he asserted.
Additionally, Odutola emphasized the importance of small businesses as the bedrock of the economy, drawing comparisons to advanced nations that have thrived by supporting Micro, Small and Medium-sized Enterprises (MSMEs). Although he commended the government for initiatives promoting low-interest loans for small businesses, he encouraged banks, fintech firms, and the private sector to enhance their support in this area. He called on various government levels to systematically register small businesses in Nigeria for better data collection and growth strategies.
The AERMP Director-General also praised reforms in the foreign exchange market aimed at reducing fraudulent activities and recognized efforts in the oil and gas sector. He concluded by recommending increased local production and the exploration of alternative energy sources.
Mr. Olayinka Odutola’s predictions and observations highlight a cautiously optimistic outlook for Nigeria’s economy, focusing on reform strategies that promote food price stability and power generation. By emphasizing the need for reduced import dependency and boosting local production, as well as enhancing support for small businesses, Nigeria may well capitalize on its vast economic potential. The contributions from the fintech and banking sectors are also crucial in driving long-term economic stability and growth.
Original Source: nannews.ng
