‘Why Nigeria’s economy may remain stagnant’

Association of Professional Bodies of Nigeria (APBN) has decried intractable insecurity, fuel scarcity, high inflation and cost of food prices, saying those factors have made Nigeria’s economy stagnant in the last couple of years.

Speaking at the body’s board meeting in Abuja, the president, Akin Oyegbola, noted that the economy might not attract the much-needed investments, as long as these factors are unaddressed.

He explained that banditry, kidnapping and criminal elements were becoming worrisome, observing that any economy that wants to develop must put in place measures to check the unsavoury scenario.

Oyegbola said: “High cost of goods and services is due to devaluation of the nation’s currency against the dollar. We are degenerating into a land plagued with hunger, and we have experienced continued increase in fuel price across our cities.

“We have no problem with the excuse offered by the Federal Government for the cause of the scarcity and hike in prices. Its effect on the economy can only be imagined. There is need for local production of petroleum products by reviving our refineries.”

Also speaking, First Vice President, Nigerian Institute of Architects, Mobolaji Adeniyi, advised professionals to be at the centre of shaping the policy direction of the various political parties by interrogating the roadmap for 2023.