APBN: Inflation, Insecurity, Fuel Shortages, Other Blights on Nigeria’s Economic Growth

Michael Olugbode

Association of Professional Bodies of Nigeria (APBN) President Akin Oyegbola has blamed the country’s sluggish economic growth on high inflation, insecurity and continued fuel shortages.

He said so during a press conference on the second meeting of the APBN Board of Directors 2022 held in Abuja, yesterday.

Oyegbola said businesses and factories have closed or are on the verge of closing due to the high cost of fuel.

He said: “In recent months we have experienced a continuous astronomical increase in the cost of diesel as well as a shortage of petrol in some major cities. Although we have no problem with the excuse offered by the government for the cause of scarcity and rising prices, its effect on the economy can only be imagined.

“This reaffirms the need for local production of petroleum products. We need to restart our refineries. We believe this is the way out of the incessant cases of gasoline shortages.

“The economic losses due to the high cost of diesel are massive. Inflation is very high, many businesses, factories and airlines have closed or are about to close due to the unsustainable cost of fuel.

Oyegbola lamented the depreciation of the naira and the security situation and their impacts on the national economy.

“The issue of insecurity remained a major concern for us. You will recall that this was one of the issues raised at the last board meeting, which formed the major focus of recent board deliberations.

“The country’s economy is being slowed down and may not attract much-needed investment as long as there are these palpable feelings of insecurity in the country. The council urges the federal government to continue its assault on bandits, kidnappers and criminal elements across the country.

“For the naira, although we are aware that the Central Bank of Nigeria (CBN) is doing its best to stabilize the naira, we view the situation as very concerning,” he added.

He took the opportunity to call on federal and state governments to engage APBN members for the development of the nation.

“Any economy that wants to develop must find a way to enlist the services of its professionals. We believe that Nigerian governments (national and sub-national) are not doing this enough.

“So the board would like to call on government members to start looking inward for help. The APBN has a range of qualified professionals who can rub shoulders with their peers all over the world, and we are fully prepared for national missions. »

Regarding the diversification of the national economy, he said that Nigeria must move from mere slogans to the practice of its policy of diversification.