The President, American Business Council (ABC), Sopiribo Ideriah, has urged the new administration of President Bola Ahmed Tinubu to address the nation’s hyperinflation and rising debt profile.
Speaking at the ABC Economic Update in Lagos, he stressed the need to curb inflation and address debt from a revenue-generating perspective, to engender positive impact needed for economic development, while attracting investors from the G7 and fostering international trade through the African Continental Free Trade Area (AfCFTA).
He noted that the nation’s total public debt stock, consisting of domestic and external debts of the Federal Government, recorded a 14.46 per cent increase, from N39.56 trillion as of December 31, 2021 to N46.25 trillion at the end of December 2022.
He said the debt situation has been a long-standing issue attributed to various factors, including declining oil revenue, fiscal allocations and inadequate diversification of the economy.
He also said ABC and members have long served as a vehicle to drive trade and investment in the nation and foster economic development through United States-Nigeria partnerships.
The ABC Economic Update, which holds quarterly every year, serves as an insightful session on current economic trends that affect United States’ businesses in Nigeria and potentially threaten the private sector.