Tony Elumelu challenges IMF to provide alternatives to China loans

Founder of Tony Elumelu Foundation and renowned banker, Tony Elumelu, in Abuja chided the International Monetary Fund (IMF) over warning that Nigeria should be careful of foreign loans from China. The forme UBA boss challenged the IMF and other international development partners, to provide alternative sources of public funding to the China loans.

Tony Elumelu after a private meeting with President Muhammadu Buhari at the state House, Presidential Villa, Abuja, demanded IMF to provide alternatives that will create jobs and open the economy for production and manufacturing in Nigeria. Elumelu counseled the international development partners to support the development of Entrepreneurs in
Nigeria.

The International Monetary Fund (IMF) had cautioned Nigeria and other emerging market countries taking loans from China to consider the terms of such facilities, especially, their compliance with the Paris Club arrangements.

Elumelu was invited for the private meeting by President Buhari.