Provide alternatives, Tony O. Elumelu responds to IMF on China loan

12th April 2019

Chairman of Heir Holdings, Tony O. Elumelu, has reacted to International Monetary Fund (IMF), warning to Nigeria to be wary of China loan, urging the international organization and other development parts to provide alternatives.

Elumelu who on Friday was on a private visit to see President Muhammadu Buhari said nature abhors a vacuum, hence for the IMF, World Bank and other development partners to provide alternatives that will create jobs. When asked his position on the IMF warning, Elumelu said, “My position is that nature abhors a 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 ways 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 his advise to the Buhari administration as it prepares to kickstart the Next Level of governance, Elumelu who congratulated the president on his resounding victory, said it was time to work.  “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.”

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