Naija debt profile up 410% in 8 years – MAN
Di Manufacturers Association of Nigeria (MAN) yarn say di manufacturing sector dey di receiving end of Naija debt crisis wey we fit see as di nation debt profile rise by 410% percent over di last 8 years.
For di MAN CEO Confidence Index (MCCI) first quarter 2923 (Q1’23) report on Sunday yarn say di association give warning say di N77 trillion wey dey inherited by di administration of President Bola Tinubu dey bound to limit di achievements of di government if dem no take urgent critical steps.
Also, di report tok say di domino effects of escalating public debt on di manufacturing sector dey endless.
To start with, rising domestic debt dey overpower private investment for di manufacturing sector by reducing credit availability and forcing hike in lending rates.
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External debts dey mostly serviced in foreign currencies, and na why high demand for foreign currencies dey make naira fall. Also, di matter of dis dollar rate wey don increase follow make importation of non-locally produce expensive for manufacturers.
According to di report, “MAN dey of di view say debt worth of N77 trillion na big burden to inherit and e go most likely limit di achievements of di new administration.
You fit go read dis tori see wetin MAN tok as Naija debt profile rise by 410%…READ MORE
