Expert warns Nigeria’s economy under threat

A financial expert and professor of Financial Economics, Prof. Samson Edo, has advised the Federal Government not to be trapped in binding agreements for foreign loans whose multiplier effects can push the nation’s economy into a dangerous territory.

Edo, who spoke at the weekend while delivering the 212th inaugural lecture series of the University in Benin (UNIBEN) where he sued for a viable alternative to external sources of borrowing, said Nigeria could obtain external loans to fund developmental projects, but such loans can export austerity into the nation in future due to lack of financial discipline.

He said: “50 per cent of the nation’s debt was owed to International Development Association (IDA) and China EXIM Bank.”