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Chairman of Heir Holdings, Tony Elumelu has on Friday blow hot over a statement credited to IMF on Nigeria taking China loan. Elumelu demanded that the International Monetary Fund (IMF) to provide other alternatives to Nigeria as they have warned the government on China loan.

Mr. Tobias Adrian, the financial counsellor and Director of the IMF and Capital Market Department had on Wednesday during the Global Financial Stability Report for April at the IMF/World Bank in Washington DC of the United State had warned countries to make sure that when borrowing from abroad, terms and conditions should be of paramount importance.


According to the IMF official, particular reference should always be made to Paris Club arrangement and ensure they conform to the loan conditions, however, he noted the case is always different in case of China.


Conversely, Elumelu has disagreed with IMF position, saying nature dislike vacuum and so the IMF, World Bank, and other development partners to provide alternatives means that will be workable and create jobs rather than condemning one and keep quiet.


In his statement, “If you do not want Nigeria to take China loan, give us an alternative. Like I keep saying they should also support the development of entrepreneurs, they should marshal out ways to help Nigeria reduce poverty to the barest minimum in a manner that is sustainable.


According to Elumelu, the surest way to fight poverty is to ensure that our youth are gainfully employed through entrepreneurship.


He added that, to ensure those development agencies – IMF, World Bank, and Co-help and support Nigeria to improve on her infrastructure, road transportation, access to electricity, etc.


“These are aggregates that will help us improve on security as a nation. These are things that will help us improve prosperity through employment which is the most important thing. So, the advice is good but nature abhors vacuum.” Elumelu said.

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