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By Grace Alegba

The Association of Enterprise Risk Management Professionals (AERMP) on Sunday predicted continued drop in inflation and economic boom for Nigeria in 2025 in spite of ongoing global tariff wars.

Mr Olayinka Odutola, Director General/Chief Executive Officer, AERMP, made the prediction in an interview with the News Agency of Nigeria (NAN) on Sunday.

This is in spite of fears by experts including the Central Bank of Nigeria (CBN) that US tariff hikes may trigger inflation in the nation.

Odutola said that ongoing reforms by the President Bola Tinubu administration were already showing growth evidence, citing crash in food prices and power generation boost as examples.

He said that the Nigerian government was on the right track, adding that its policies were pushing down food inflation at a period known for price hikes.

According to him, in the past the Ramadan period always recorded high prices but government efforts frustrated those hoarding staple food hence the current price crash.

“Food prices have been dropping significantly. So, that means there is something that we are getting right,” he said.

Odutola also praised ongoing efforts to address insecurity affecting food production while calling for boost in reforms in the agricultural sector to increase youths’ interest in farming.

He said that the Transmission Company of Nigeria’s increasing power generation to 5,713.60 megawatts was another positive achievement.

He said that it would help industries to thrive.

The AERMP Director-General called for support for ongoing reforms for Nigeria to be able unleash its enormous economic potentials to become more relevant in the international market.

He said that for Nigeria to mitigate impact of the US tariff hikes, it must reduce import dependency.

According to him, Nigeria’s vulnerability to imports can be addressed through increased local production, tackling infrastructure deficit, boosting power generation and empowering small businesses.

“We must reduce import dependence by all means. We must focus on strengthening local production, whether we like it or not,” he said.

Odutola called for increased focus on small businesses, which he described as the real backbone of any economy.

He said that most advanced countries were thriving because they leveraged on the strength of their Micro, Small and Medium-sized Enterprises (MSMEs).

He commended ongoing government efforts on low interest rates for small businesses, adding that the interventions were not enough hence the need for banks, fintechs and the private sector to fill the vacuum.

He urged fintechs and commercial banks to do more to provide low interest loans to small businesses.

Odutola advised governments at all levels to embark on registration of small businesses in Nigeria for accurate data and statistics to be able to address their growth issues accurately.

He commended reforms in the foreign exchange market checkmating fraudulent practices, as well as efforts in the oil and gas sector, while reeling out suggestions for increased local production and alternative sources of energy. (NAN) (www.nannews.ng)

Edited by Kadiri Abdulrahman

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Magdalene Ukuedojor

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