2025: Experts Advise FG to Curb Inflation, Reduce Debt, Stimulate Growth

Nume Ekeghe and Omolabake Fasogbon

Economic experts have urged the federal government to prioritise reducing inflation, stabilising the naira, and implementing policies that promote sustainable economic growth and employment in 2025.

The call came amid mounting concerns over spiraling food prices, rising unemployment, and Nigeria’s unsustainable debt profile, which collectively posed significant threats to economic stability in the outgoing year.
Managing Director and Chief Executive Officer of Anchoria Advisory Services, Sam Chidoka, in an interview with THISDAY, noted that inflation had the most pervasive impact on Nigeria’s economy in 2024, surpassing other economic challenges in its reach and effect.

He said: “In 2025, we should prioritise reducing inflation and stabilising the exchange rate between the naira and the dollar. However, inflation has had a more profound impact on our economy than any other factor. Its drag effect influences every aspect of economic life.”
Chidoka underscored the devastating effects of food inflation, which has placed basic necessities out of reach for millions of Nigerians.

“Food inflation is extremely high, making it difficult for many people to afford basic necessities. The soaring inflation has forced some companies to lay off employees, increasing unemployment. At the same time, many families struggle to make ends meet, pushing more people into poverty,” he added.

On his part, speaking with THISDAY, Chief Executive Officer of Eczellon Capital, Diekola Onaolapo, highlighted the significance of the federal government’s recent policy measures, particularly the unification of the naira exchange rate. While acknowledging the short-term costs of the policy, he pointed to its longer-term benefits.
He said: “Whereas this led to a sharp depreciation of the naira in the short term, the long-term effects will improve prospects of international investments into the country while also blocking malpractices.”
Onaolapo further noted the importance of broadening Nigeria’s revenue base beyond oil to mitigate the risks associated with debt.

One of the more innovative policies Onaolapo commended was the federal government’s initiative to finance the purchase of made-in-Nigeria vehicles through dedicated car loans. “This will reduce the import burden and could potentially extend to other industries, fostering domestic production,” he observed. However, he cautioned that “implementation, enforcement, and ensuring these policies are not sabotaged will be critical to their success.”
Chief Executive of CFG Advisory, Tilewa Adebajo, echoed concerns about Nigeria’s escalating debt burden, which he described as unsustainable.

He said: “The debt profile is too high and is not sustainable. The federal government has to put in policies that can grow the economy and create employment.”
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE)’ Dr. Muda Yusuf, told THISDAY that economic players in the Nigerian economy were yet to recover from the shocks of the current economic reforms.

Yusuf said they were still grappling with the challenges of weak currency, high energy cost, prohibitive interest rate, high cost of logistics, exorbitant cargo clearing cost and weak consumer spending.
He, therefore, said that policy focus in 2025 should be targeted at fixing these challenges.
Yusuf said the restoration and sustenance of macroeconomic stability could be facilitated by ensuring that fiscal operations should be less expansionary with lower fiscal deficit, reduced debt profile and consequent moderation in debt service costs.

President of Chartered Institute of Taxation of Nigeria (CITN), Samuel Agbeluyi urged the federal government to reorder its step by narrowing its focus. He said this was crucial to enable the administration stay on track and measure performances in key economic sectors.

He maintained that government needs to prioritise economic growth and set clear deliverables in 2025, affirming that this was a precursor to revenue growth and social development.
He expects the government to address endemic impunity across all sectors and at individual levels, insisting that saboteurs across the board should pay for their actions.

“The authority needs to  seek out and engage with experienced professionals and experts. I mean there are several technocrats out there who can carry out national tasks even pro-bono,” the tax expert added.
For the Founder/Pioneer President of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), Dr. I.B Gashinbaki, while the policies on subsidy removal and forex rates unification may not have augured well for most Nigerians in 2024, the federal government must ensure that  dividends of these policies spread down to justify these decisions.

“We need to see the benefit of the removal of subsidies in clear terms. Savings here must be effectively deployed to benefit citizens,” he emphasised.
The analyst also touched on the widely debated tax reform, a policy he said was long overdue. Acknowledging concerns about the impact on the poor, he explained that the reforms already included provisions to exclude lower-income earners and incorporate progressive measures like VAT attribution and derivation.

President of Chartered Institute of Personnel Management of Nigeria (CIPM), Ahmed Gobir, stressed a need to prioritise comprehensive human capital development agenda that fosters a robust and future-ready workforce.
He said focus should be on enhancing educational outcomes through collaboration with academic institutions to align curricula with industry needs, as well as life-long learning in digital and technical fields.
He called for policies supporting entrepreneurship, innovation, and job creation, while ensuring inclusive access to resources for marginalised communities.