Loan from China: Provide alternatives, Elumelu tells IMF

Chairman of Heir Holdings, Mr. Tony Elumelu, has charged the International Monetary Fund (IMF) and other development partners to provide alternatives to loans from China. In his reaction to IMF’s warning to Nigeria to be weary of China loans, Elumelu, who was on a private visit to President Muhammadu Buhari, yesterday, in Abuja, said nature abhors vacuum; hence the IMF, World Bank and other development partners should provide alternatives that would create jobs.

He stated: “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 and make sure development agencies- IMF, World Bank and co- help and support Nigeria to improve on her infrastructure, road transportation and access to electricity.

“These are things that will help us improve on security in Nigeria and increase prosperity through employment, which is the most important thing. “So, the advice is good, but nature abhors vacuum.”

On his advise to the Buhari administration as it commences a second tern next month, Elumelu, who congratulated the President on his victory at the poll, said it was time to work, adding: “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 and as a country, so that our people will be better for it.”