By Clem Aguiyi
Email: Totalpolitics@ymail.com
To avoid Nigeria’s revenue challenges in 2025, the government and Central Bank of Nigeria (CBN) can take several steps.
Diversification of Revenue Streams
One key strategy is to diversify revenue streams, reducing dependence on oil revenue. This can be achieved by developing other sectors, such as agriculture, manufacturing, and services.
Improved Public Financial Management
Enhancing public financial management practices is also crucial. This includes effective budgeting, revenue collection, and expenditure management.
Investment in Infrastructure
Investing in critical infrastructure, such as roads, ports, and energy, can stimulate economic growth and improve the business environment.
Promoting Private Sector Participation
Encouraging public-private partnerships (PPPs) can help finance infrastructure projects and provide essential services.
Fiscal Discipline
Maintaining fiscal discipline is essential. This involves controlling expenditure, reducing debt, and improving revenue collection.
Regulatory Updates
Staying up-to-date with regulatory updates is vital. For instance, the CBN’s recapitalization mandate, which requires banks to increase their capital reserves by 2026, may impact loan availability and interest rates.
Leveraging Technology
Leveraging technology, such as digital platforms and streaming services, can help promote Nigerian content and boost revenue in the creative industry.
Copyright Protection
Strengthening copyright protection laws, such as the Copyright Act 2022, can help prevent piracy and ensure fair compensation for creators.
By implementing these strategies, Nigeria can avoid revenue pitfalls in 2025 and achieve sustainable economic growth.
