The Centre for the Promotion of Private Enterprise (CPPE) has called on Nigerian businesses to adopt backward integration and optimize costs to navigate the tough economic terrain expected in 2025.
In its ‘2024 Economic Review and 2025 Outlook’, CPPE Director and CEO Muda Yusuf outlined key challenges facing businesses, including forex volatility, soaring interest rates, inflation, regulatory uncertainty, cybersecurity threats, and political instability. Corruption in public-sector dealings and the escalating impacts of climate change were also identified as critical risks.
Also Read: Defence Ministry Reaffirms Military’s Commitment to Ending Banditry, Calls for Media Cooperation
To counter these hurdles, he advised businesses to reduce reliance on imported raw materials by sourcing and developing local alternatives. He argued this approach not only minimizes exposure to foreign exchange fluctuations but also fosters value addition within the local economy.
CPPE’s report emphasized resilience, urging Nigerian businesses to embrace innovative strategies to thrive amid a complex economic landscape.
Leave feedback about this
You must be logged in to post a comment.