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Chairman of Heir Holdings, Tony Elumelu on Friday tackled the International Monetary Fund, IMF, over statement that Nigeria should be wary about loans from China, insisting that IMF should provide alternatives to Nigeria.
Elumelu also said that his Foundation will continue to support the government and the people through the $5,000 grant, for the purpose of developing entrepreneurship and job creation.
Addressing State House correspondents after he paid a private visit to President Muhammadu Buhari at the Presidential Villa, Abuja, Elumelu said that anyone opposed to taking loan from China should provide alternative source of funding.
The Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department, Mr. Tobias Adrian, had warned on Wednesday about China loans during the launch of the Global Financial Stability Report for April, 2019 at the IMF/World Bank meetings in Washington D.C, United States 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 favourable.
“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.
Elumelu added that nature abhors vacuum, hence the IMF, World Bank and other development partners should provide alternatives that will create jobs.
He 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.
Elumelu also said that his Foundation will continue to support the government and the people through the $5,000 grant, for the purpose of developing entrepreneurship and job creation.
Addressing State House correspondents after he paid a private visit to President Muhammadu Buhari at the Presidential Villa, Abuja, Elumelu said that anyone opposed to taking loan from China should provide alternative source of funding.
The Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department, Mr. Tobias Adrian, had warned on Wednesday about China loans during the launch of the Global Financial Stability Report for April, 2019 at the IMF/World Bank meetings in Washington D.C, United States 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 favourable.
“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.
Elumelu added that nature abhors vacuum, hence the IMF, World Bank and other development partners should provide alternatives that will create jobs.
He 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.
