As Nigeria anticipates the New Year, prominent voices across various sectors are calling for urgent 2025 economic reforms. Key figures from manufacturing, academia, security, local government unions, and the Ijaw National Congress have come together to urge President Bola Tinubu to prioritize economic recovery. These sectors, affected by the challenges of 2024, are hopeful for a more prosperous year ahead.
2025 Economic Reforms: Manufacturing Sector Calls for Action
The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, stressed the need for significant 2025 economic reforms. He pointed to the underperformance of the manufacturing sector in 2024, particularly in fiscal policy and taxation.
Ajayi-Kadir urged the National Assembly to pass critical legislation in 2025 to address these concerns. He also called for the Central Bank of Nigeria (CBN) to stabilize interest rates and resolve the N2.4 billion forex forwards owed to manufacturers.
“The government’s N75 billion credit facility is a good start, but we look forward to the promised N1 trillion under the stabilization plan,” Ajayi-Kadir added. He emphasized the importance of tackling inflation, reducing logistics costs, and improving the coordination between fiscal and monetary policies to support sustainable growth.
2025 Economic Reforms: Education Sector Advocates
In the education sector, Prof. Emmanuel Osodeke, President of the Academic Staff Union of Universities (ASUU), called for reforms to create a conducive learning environment. He criticized the increasing reliance on student loans and highlighted the financial struggles faced by university students.
Osodeke urged the government to reduce excessive expenditures, including unnecessary foreign trips, instead of turning TETFUND into a loan scheme.
Local Government Autonomy and Financial Reforms
Local government autonomy emerged as another key issue in the call for 2025 economic reforms. Mohammed Abubakar, Secretary-General of the Association of Local Governments of Nigeria, and Akeem Ambali, President of the Nigeria Union of Local Government Employees, called for immediate financial autonomy.
“True development can only happen when local governments have autonomy,” said Ambali. He urged that funds should be credited directly to local government accounts without delay.
Security and Economic Stability
Security expert Dr. Kabir Adamu emphasized the importance of prioritizing Nigerians’ safety in 2025 economic reforms. Ijaw National Congress spokesperson Ezonebi Oyakemeagbegha echoed concerns about the economic hardships of 2024, including high fuel prices and a weak naira.
He called for a reduction in the price of petrol and a stronger naira.
“Nigerians endured a tough year. The pump price of petrol should be reduced to N416 per litre,” Oyakemeagbegha said. He also stressed the need for stable electricity to support small businesses.
Conclusion
Stakeholders from various sectors are calling on the Tinubu administration to implement meaningful 2025 economic reforms. These reforms are seen as essential to alleviating the economic burdens on Nigerians and fostering a more stable and prosperous economy in the year ahead.
