Nigeria’s debt may limit achievements in Tinubu’s Govt– MAN

By Sola Omoniyi, Lagos

The Manufacturers Association of Nigeria (MAN) has warned that the country’s N77 trillion debt burden could limit the achievements of the administration of President Bola Tinubu.

According to a statement on Monday, August 21, MAN stated that the debt burden was hurting the manufacturing sector, which is already struggling with challenges such as infrastructure decadence, forex scarcity, credit crunch and naira depreciation.

MAN stressed that the high level of debt was crowding out private investment in the manufacturing sector and making it difficult for manufacturers to access credit. This, in turn, was leading to higher lending rates and increased production costs.

MAN maintained that the high level of debt was making it difficult for the government to meet its obligations to the manufacturing sector, such as providing infrastructure and access to forex.

As a result, MAN said the manufacturing sector was not able to contribute its full potential to the economy.

However, MAN called on President Bola Ahmed Tinubu’s administration to take steps to reduce the country’s debt burden and improve the business environment for manufacturers.