“The country’s macroeconomic management framework continues to pose serious challenges to investors in the economy. This situation has been further compounded by the shocks and disruptions inflicted by the Russian invasion of Ukraine and the lingering effects of the COVID-19 pandemic.
“The fragile macroeconomic conditions remain a major cause for concern. The troubling macroeconomic situation has manifested in the following ways in recent years: weak and depreciating currency, high inflationary pressure, high and rising debt profile, exchange rate volatility, liquidity crisis in the foreign exchange market, increasing fiscal deficit, growing debt service burden, and the acceleration of money supply growth following the rising CBN financing of the deficit,” he added.
The former LCCI DG lamented that the fiscal position of the Federal Government and the states was very weak, while the state of insecurity continued to take its toll on the economy, especially on agricultural output and fueling food inflation. Yusuf added, “It is also impacting the confidence of investors. The spate of oil theft and the associated leakages of government revenue is very troubling. Billions of dollars have been lost to this apparent failure of security effectiveness in the oil-producing areas.”
The only growth is foreign exchange from the diaspora, other than that the Nigerian government is just looting everything and everyone. ODUDUWANATIONNOW YORUBAEXITNOW
Growth not effectively translating into development.