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Inflation, Insecurity, Fuel Scarcity, Others Bane Of Nigeria’s Economic Growth

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Inflation, Insecurity, Fuel Scarcity, Others Bane Of Nigeria’s Economic Growth

By: Michael Mike

The President Association of Professional Bodies of Nigeria (APBN), Akin Oyegbola, has blamed the nation’s economic stunted growth on the nation’s high inflation, insecurity the incessant fuel scarcity.

He stated this during a press conference at the second APBN 2022, second board meeting held on Tuesday in Abuja

Oyegbola said, companies and factories have or are on the verge of shutting down as a result of the high cost of fuel.

He said: “In recent months, we have experienced Continiuos astronomical increase in the cost of diesel (AGO), as well as scarcity of Premium Motor Spirit (PMS), in some major cities. While we have no problem with the excuse offered by the government for cause of the scarcity and price hike, its effect on the economy can only be imagined. This re-emphasises the need for local production of petroleum products. We must revive our refineries. We believe this is the way out of the incessant cases of petrol scarcity.

“The economic loses due to high cost of diesel is massive. Inflation is very high, many companies, factories and airlines have or are at the verge of shutting down due to unsustainable cost of fuel.”

Oyegbola lamented the free fall of the Naira and the security situation and their impacts on the nation’s economy.

“The issue of insecurity has remained major concern to us. You would recall that one of the issues that came up at the board’s last meeting, and which formed a major thrust of board’s last deliberations; because of the seeming I tractability of this issue. The nation’s economy is being stunted, and may not attract the much needed investments as long as there are these palpable feelings of insecurity in the land. The board urges the board urges the federal government to sustain its onslaught against bandits, kidnappers and criminal elements across the country.

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“The free fall of the Naira against the dollar. While we are aware that the government through the Central Bank of Nigeria (CBN), is doing its best to get the Naira stable, we see the situation as a very worrisome one.”

He used the opportunity to call both the federal and state governments to engage APBN members in the development of the nation. “Any economy that that wants to develop must find a way to enlisting the services of its professionals. We believe the Nigerian governments (National and Sub-nationals), are not doing that enough. The board will, therefore, will like to use the to call on those in government to begin to look inwards for assistance. APBN boast of an array of qualified professionals that can rub shoulders with their peers anywhere in the world, and we are very ready for national assignments.”

On diversifying the nation’s economy he said Nigeria must move from mere slogans to practicalisation of  slogans 

In his explanations; APBN is an association of 30 Nigerian professional bodies. It is apolitical but a pressure of professionals, who expect their individual members to be political in order to make the changes that will bring integrity to the system.

He also said the challenges being faced by the nation today didn’t start with the current administration; they’re not expecting the current administration to sanitiser the system with less than a year left.

Inflation, Insecurity, Fuel Scarcity, Others Bane Of Nigeria’s Economic Growth

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