An economic expert has advised business start-ups to capitalise on the vast opportunities present in the nation’s energy, food, and manufacturing investment deficits to create wealth in 2025.
The Founder and Chief Consultant of B. Adedipe Associates Ltd., Dr ‘Biodun Adedipe gave the advice on Wednesday at the 2025 Nigeria Economic Outlook.
The event was organised by First Bank of Nigeria Ltd. in Lagos, with the theme ‘Nigeria 2025: Path to Economic Rebound and Recovery’.
Adedipe, one of the panelists at the event, emphasised that the successes of the last two years’ reforms must be sustained.
The expert identified manufacturing, energy, and food production as key drivers of growth that would help reduce inflation in 2025.
He highlighted that there were enormous opportunities for start-ups in the food, energy, and manufacturing deficits, which were fundamental problems faced by developing countries.
Adedipe urged the private sector to be innovative and to seize these opportunities, rather than relying solely on the government.
He also stressed that both food availability and affordability were crucial in driving down inflation.
According to him, the government, therefore, needs to address insecurity to boost production.
He noted that the deficits in food and manufacturing were the two major sectors that could drive inclusive and sustainable growth in 2025.
Adedipe encouraged the private sector to explore opportunities in food processing to tackle the 60 per cent wastage due to post-harvest losses.
He stated that this was an investment opportunity for private sector operators.
“For me, it is not about government investing there. It’s an investment opportunity of private sector operators,” he said.
He also noted that the major drivers of FX rates in Nigeria were the structure of the economy.
“The country consumes what it doesn’t produce, and produces what it doesn’t consume,” he said.
Speaking on the oil and gas industry, he cited examples of oil production increasing after some international oil companies left the country.
He, however, noted that locals put in additional efforts to expand the budget for local refining of petroleum.
“They expanded the budget for local refining of petroleum, I mean crude oil.
“In which case, about 30 per cent of the value of a merchandise import is likely to turn in 2025, as we refine more crude oil domestically,” he said.
Adedipe also noted that the Nigerian economy grew at an average of over 3 per cent in the first three quarters of 2024.
“The fourth quarter data when released, may end at about 4.12 per cent growth rate for 2024,” he said.
Panelists at the event, including Osahon Ogieva, Bismarck Rewane, and Ugo Dre, also made suggestions.
Their suggestions included on how the Federal Government could achieve its planned drop of food inflation to 15 per cent by the end of 2025.
They proposed solutions to address the availability of credit to businesses and Nigerians, climate change, tax reforms, and sustained FX growth, among others.
The panelists provided insights and recommendations to help the government and private sector work together to achieve economic growth and development in Nigeria.
NAN
