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Business News of Wednesday, 21 September 2022

Source: www.punchng.com

Professionals knock FG, say economy in bad shape

President Muhammadu Buhari President Muhammadu Buhari

The Association of Professional Bodies of Nigeria has said that the astronomical increase in the cost of food in Nigeria is becoming worrisome and that the country is fast degenerating into a land plagued with hunger.

The APBN is the umbrella body of practising professionals in Nigeria. It is made up of lawyers, accountants, architects, bankers as well as other professionals drawn from 32 different disciplines.

The professionals, who stated this at a press briefing in Lagos on Tuesday, said the last few years had seen inflation in Nigeria increase from single digit to 20.52 per cent currently.

The APBN lamented the erosion in the real value of the naira and the skyrocketing prices.

It said the effect on Nigerians was that the masses waste struggling to afford basic needs, which now had serious effects on the socio-economic situation in Nigeria.

Addressing the gathering, the APBN President, Akin Oyegbola, said that last year saw an unprecedented number of young professional Nigerians migrate abroad to seek greener pastures.

According to him, this was clearly connected to the socio-economic situation in Nigeria and their inability to envision a desirable future in Nigeria.

Oyegbola said, “The real value of the naira is fast eroding and prices are skyrocketing.”

The effect on Nigerians is that the masses are struggling to afford basic needs and this has a very serious effect on the socio-economic situation in Nigeria.