UBA Chaira Elumelu Wants IMF To Profer Alternatives To China Loan For Nigeria, Others

Chairman of United Bank for Africa (UBA), Tony Elumelu has asked the International Monetary Fund (IMF) to offer suggestions for Nigeria and other emerging countries on options aside from China where they can obtain cheap loans for development purposes.
Elumelu, who is also the chairman of Heir Holdings says nature abhors vacuum and so the IMF, World Bank and other development partners should provide alternatives that will create jobs.
IMF top officials at the ongoing spring meeting in the US had cautioned Nigeria and other emerging economies to make sure that when they borrow from abroad the terms are favorable and should stay away from loans from China.
The Fund official said “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,” the IMF chief said.
Elumelu, who was on a private visit to the official sit of government in Aso-Rock, Abuja on Friday, 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 ways 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 advice is good but nature abhors vacuum.”