Nigeria is on the brink of an economic breakthrough, with inflation expected to decline and industries set to thrive despite ongoing global tariff wars, says the Association of Enterprise Risk Management Professionals (AERMP).
Mr. Olayinka Odutola, Director-General and CEO of AERMP, shared this optimistic forecast in an exclusive interview with the News Agency of Nigeria (NAN), highlighting key government reforms driving the nation’s progress.
Reforms Fueling Economic Growth
Odutola pointed to key policies under President Bola Tinubu’s administration that are already making a significant impact. He cited the drop in food prices—a rarity during the Ramadan period—and increased power generation as clear signs of positive economic movement.
“Food prices have been dropping significantly. That means we are getting something right,” he stated, attributing the trend to government measures preventing food hoarding.
He also lauded efforts to combat insecurity, which has long stifled agricultural productivity, and called for intensified reforms to make farming more appealing to the youth.
Powering Industries & Strengthening Local Production
The recent surge in electricity generation to 5,713.60 megawatts, facilitated by the Transmission Company of Nigeria, is another key milestone that Odutola believes will accelerate industrial growth.
For Nigeria to sustain this momentum and counter the effects of US tariff hikes, he emphasized the urgent need to reduce import dependency.
“We must strengthen local production at all costs. Our vulnerability to imports can only be addressed by tackling infrastructure deficits, boosting power generation, and empowering small businesses,” he stressed.
Unlocking the Potential of Small Businesses
Odutola identified Micro, Small, and Medium-sized Enterprises (MSMEs) as the backbone of a thriving economy, citing their role in the success of advanced nations. While he praised ongoing government interventions, including low-interest loans, he urged banks, fintech firms, and the private sector to do more in offering financial support to small businesses.
He further recommended a nationwide registration system for MSMEs to provide accurate data that will inform targeted policies for their growth.
A Call for Collaboration
Odutola commended recent reforms in the foreign exchange market, which have curbed fraudulent practices, as well as progress in the oil and gas sector. However, he called for greater collaboration between the government, financial institutions, and private enterprises to harness Nigeria’s full economic potential.
With strategic partnerships and continued policy improvements, Nigeria is poised to cement its position as a dominant player in the global economy.
