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.”

https://www.vanguardngr.com/2019/04/china-loan-provide-alternatives-to-nigeria-elumelu-replies-imf/amp/

So we are going to be dependent on loans year in year out as a country ba, were are we going as country .




See my signature for your mens product .

How about cutting cost of governance? You and your kids have access to the best facilities in the world doesn't mean we all do.

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@ topic They are in sefia pains for nigeria rejecting their loans. Simple. This is what has being the circle: lend huge financial loans to Nigerian government at a certain %, then within few years, the politicians will scatter and mismanage the loans, looting the majority without any serious infrastructure development, and send most of the money back to the country that borrowed us through proxies. Imagine since they have been giving us loans, asduming they dont release it directly to the goverment but focus on infrastructure and human developments, imagine what our country would have being? They wanted us to take their loans few months ago by forcing us and trying all kind of tricks but it didnt work. Now chinese loans are bad according to them. But their own we took before, our children and grandchildren and children unborn will continue to pay for the imaginary loans until they kingdom come. Must it continue like that?. To me I think Chinese loans focus more on infrastructure development, and direct investments, that's what Tony is saying. Western loans for African are fraudulent..

Very simple.


IMF provide alternative or remain silent forever.

My country... Must we borrow?

IMF, World Bank or China, they are looking for what to 'eat'.

It's high time, China stopped giving loan. Let the loan come as infrastructural or technological development project. No cash loan. Let it be technological or infrastructural development project.

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They must be mad! IMF we are tired of you and I am very sure China would soon face the same thing very soon

Very much agree with you Tony...

A country should be throwing a bash whenever it gets criticized by IMF even though the Chinese won't be any different on the long run, but in the meantime and because we must borrow to meet our atrocious huge cost of governance, I'd still choose the lesser evil and go with the Chinese.

My only fear be say...very soon we all go get Chinco name because dem don take over.

I don choose my Chinco name down...

Ogbuefi Bao...ni hao...

True talk.check my siggy for your chinese yuan.

chriskosherbal:
So we are going to be dependent on loans year in year out as a country ba, were are we going as country . See my signature for your men's product .

Going for loans for capital projects won't have been a bad idea if it doesn't end in the pocket of those seeking the loans as usual. Countries that works always project a visible repayment plans, in such a way that it won't affect or make them in bondage. I think there should be a direct sell off of the country rather than this indirect sales.

Meanwhile, here is an alternative Mr. Elumelu. Let the government put all the recovered loot together, sell off the recovered assets, recover more regardless of party affiliations. Return the ones they took themselves. Put themselves on minimum wage. Make NNPC, Custom, FIRS & others more accountable. Ensure strict compliance to project execution, ensure pricing is in agreement with the task, remove ghost workers or political patronage with national treasury, etc. You will see excess cash in Nigeria, that they can even pay unemployed persons support.

Very true, they refuse to give loans and warn against taking from China, Jealousy.. But the Billion Billion I dey hear wey we dey take from China, when we wan pay?

Onyemadonald:

“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.”

Tony should kukuma sell Nigeria to IMF so that they can help us to construct road, eradicate poverty , provide Job , develop entrepreneurship and generate electricity ...... All what IMF, World bank, Paris club, IBRD, UNDP, DFID , Bill and Melinda Gate Foundation and many more have given what did Nigerian Government do with them all .....

You borrow at exorbitant cost and excruciating conditions and you still lavish the money to do stupid things like building hotels and buying range rovers for slay queens ..... wetin concern IMF ..... Come and borrow again, they will increase their cost of lending because they know you are a credit risk and dullards with no concrete zeal for development !!


cost of capital of potential defaulters are always on the increase .... it is simple finance !!

The truth is China is another form of imperialism loading ...... Very soon, they will change it for Nigeria and you would have played all your games into their hands that you won't be able to say NO !!

China is worst imperialist maybe Mama Charlie and Big Uncle Sam will come to the rescue if Brent crude is still sweet to world economy ......


No nation nor International Development Agency will help Nigeria unless we are ready to Help ourselves ..... all of them are business man including TONY Elumelu who is telling Buhari and Nigerian Government what they need to hear But China is Imperialism loading and it would be disastrous than West !!

Since I read the 'confessions of an economic hitman' by John Perkins, I'm also very weary of these evil loans by countries like US and China.

Everybody knows that anything made in China for Africa or probably Nigeria is fake and won't last. So I wonder how they intend to go about it.
Major problem is if we are still relying on the efforts or help of all these advanced countries or organisations, we will not come out of this mess. How can we have all the resources we have in this country and still be feeding on the economy of the countries that don't have a quarter of what we have. If not for the fact that our managers no dey reason well. Intact, they are not creative nor progressive at all. Not all tho but most.
I wanted to mention that they should invest all our funds on Power sector instead of entrepreneurship before I read the part that states that, Elumelu himself runs one the biggest Gencos in the country, can u imagine? And we r still generating less than 5,000 mW and distributing 3000 plus. Smh.
Even, if u raise 1 million young entrepreneurs in a second and there is no reliable source to power their businesses, the next second, they will collapse.
But u I don't still get the necessity of borrowing money that some people will eventually embezzle
Sad still, if they arrest one and jail him (in rare case tho) some f00lish people will still come on board to shout foul, witch hunting, political, oppression! Forgetting the fact that, the enemy of our enemy should equal to our friend.
Well, I pray God should allow, enable and empower buhari to kill all the enemies of this country.

Good advice

Loan is not a crime. And we never borrow anything yet compare to other country.

chriskosherbal:
So we are going to be dependent on loans year in year out as a country ba, were are we going as country .




See my signature for your mens product .

In other words....IMF should give us loans

Nigga44:
Since I read the 'confessions of an economic hitman' by John Perkins, I'm also very weary of these evil loans by countries like US and China.

true

they give us loans , uner conditions that the jobs must be done by chinese firms and most payments are in crude

meaning all the money goes back to them

BuhariAdvocate:
Loan is not a crime. And we never borrow anything yet compare to other country.

The problem is, we are using loans to avoid making sensible budget costs, and reduce wasteage and corruption.

We have to start making sensible decisons regarding the way we spend money in Nigeria.

Very correct

Elumelu I must be your gay partner today



Bastard EU

China is the largest owner of US Treasuries.

Chinese loans are even better..

They are usually project specific so that you can.see what they are used ...

T.E is right. IMF is righter. These China loans seem like colonial treaties and don't actually better things. Look at Kenya et al, China loans are strangling it then come back home to Nigeria, the toothless bulldog who borrows from China to buy from China and pay China for expertise. A country like Rwanda serves as an example for good borrowing, they borrow to maintain their industries and mineral resources then sell to the highest bidder and not the one who signs the IOU. Need i talk of Morocco? ?

Every Nation or Organization will try as much as possible to protect its interest

China will be like: where is this s guy coming from sef?