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IMF Should Provide Alternatives To Nigeria If Loans From China Is Bad – Elumelu

CHAIRMAN of Heir Holdings, Tony Elumelu on Friday told the International Monetary Fund (IMF) and other development party to provide alternatives to Nigeria if collecting loans from China was injuries to the nation’s economy.

Elumelu also said that his Foundation will continue to
support the government and the people through the $5,000 grant, so as to
create a more prosperous society. The International business tycoon
spoke with State House correspondents after he paid a private visit to
President Muhammadu Buhari at the Presidential Villa, Abuja.

Reacting
to the warning by the IMF to Nigeria to be weary of China loan, he said
that anyone that was opposed to taking loan from the country should
provide alternative source of funding.
Mr Tobias Adrian, the
Financial Counsellor and Director of the IMF’s Monetary and Capital
Markets Department had warned on Wednesday during the launch of the
Global Financial Stability Report for April, 2019 at the IMF/World Bank
meetings in Washington D.C, United of America. According to him,
“Capital flows, which includes capital flows from China are of course
important for development.

“On the other hand, what is very
important in lending arrangements are the terms of the loans and we urge
countries to make sure that when they borrow from abroad the terms are
favorable.

“In particular, we recommend that loans to countries
should conform with Paris Club arrangements and that is not always the
case of loans from China,” he said. But Elumelu said nature abhors
vacuum, hence the IMF, World Bank and other development partners should
provide alternatives that will create jobs.

Asked his position on
the IMF warning, Elumelu said, “My position is that nature abhors
vacuum, if you do not want Nigeria to take China loan, provide the
alternative. Like I keep saying, they should also support the
development of entrepreneurs, they should look at ways to help us
eradicate poverty in a manner that is sustainable.

“For me, one
of the surest way to eradicate poverty is to ensure that our youths are
gainfully employed through entrepreneurship. “Also to make sure that
development agencies – IMF, World Bank and co help and support Nigeria
to improve on her infrastructure, road transportation, access to
electricity.

“These are things that will help us improve on
security in Nigeria, these are things that will help us increase
prosperity through employment which is the most important thing. “So,
the advise is good but nature abhors vacuum.”
“On the economy and the next level, let us just continue in what we are doing, improve on them, increase capacity.

“I
operate in the power sector, we are the biggest generator of
electricity in Nigeria through Transcorp power and I know first hand
what efforts government is doing. “But we need to do more, we need to
convert gas to power, we need to compliment what is going on already in
agric space and as you know there is peace and prosperity in that sector
but we need to add a little zeal to it to be able to attract investors.
“I think the elections are over and we need to move forward as a team, as a country so that our people will be better for it.”

Source:- Vanguardngr

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