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Kemi Adeosun Speaks on Nigeria’s Borrowing Plan & Why FG is Not Considering an IMF Loan | WATCH

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Following the completion of a billion dollar Eurobond issue, Nigeria is set to borrow from the World Bank and China to fund a range of infrastructure projects.

CNBC Africa‘s Wole Famurewa spoke to Finance Minister Kemi Adeosun about the government’s borrowing program and the economic recovery growth plan and why Nigeria is not considering an IMF loan.

“For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se, it has a fiscal problem,” Adeosun said.

“We are already doing as much reform as any IMF programme would impose on Nigeria,” she added.

“Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform.”

WATCH:

19 Comments

  1. Anne

    February 22, 2017 at 1:37 am

    Me I can’t speak English o. Please let the situation in the country change.

    • dd

      February 22, 2017 at 2:55 am

      lmaoo

  2. Andrew

    February 22, 2017 at 6:24 am

    The reporter was spot on with his questions, Unimpressed by the answers. Kemi go back to the Uk you clearly dont understand how Nigeria works

    • Echeta Ikem

      February 23, 2017 at 12:38 pm

      She was also spot on with her replies. The problem with we Nigerians is that we are too hanry (Hungry and Angry) to listen to reasoning.

      Kemi Adeosun is right to blame us all for the situation we are in. Now that we Nigerians know better, its time we start asking for our rights. Our right to know and be known, our right to hear and be heard. Our government promised us transparency, we have to hold them accountable for that.

      What we as Nigerians should do right now, is do as she said, grow our own products and encourage local productions. Abi is that too hard ni?

    • Stella Duru

      February 23, 2017 at 2:38 pm

      How else would you have wanted her to answer the questions? Kemi Adeosun stated clearly reasons why we should not dance to the music IMF is playing. Learning from experiences of other countries who did so (Greece), we should not answer IMF o! I love her stance on the matter. We as Nigerians got ourselves into this mess and we must find the solutions to get out of it.

  3. nene+

    February 22, 2017 at 7:17 am

    The amateurs that took Nigeria 30 years backwards! I don’t blame her I blame people who appointed some one who should be managing a street grocery shop in Peckham to head our complex economy.

    • Echeta Ikem

      February 23, 2017 at 12:47 pm

      My dear we went 30 years backwards for our own good. I remember 40 years ago Nigeria was known not for oil but by our cocoa pyramids, plantain and palm kernel plantations etc, Nigeria was known primarily for Agriculture.

      But we diverted and went into oil and forgot that oil like coal can finish. Price of oil crashed. And since we didnt grow other parts of our revenue genera-table ventures we are blaming kemi adeosun and accusing her of sending us backwards. Nne we did that to ourselves o. Lets accept blame and try to listen to what she is saying. Who knows we might make sense of it.

    • Fidelis Nzeribe

      February 23, 2017 at 2:45 pm

      Ahan! Nigerians sha, we no like better thing. So fa so good she has handled issues on her table well and saved Nigeria’s economy from diving deeper into the economic mess it’s in.
      Look at what Kemi Adeosun is saying regards matter on ground. It’s a good one from her and federal government, taking on the stance of no to IMF funds.

  4. Nelo

    February 22, 2017 at 8:07 am

    Now this is how an anchor does an interview. Well informed, well researched, excellent questions, no fear. Excellent Wole. As for amateur princess, aunty kemi : what have u been eating? In these austere times? Abi o loyun ni?

    This woman is clueless. So ur ego and expectation that homegrown policies will work out (so u take credit for them) stopped u from going to the IMF? The height of stupidity bcos these policies r not working and we the masses r suffering. They offered a better rate yet u r piling all these external debt for who to pay? Jesussss is Lord!!! How many more years of this? She should just be going to Okonjo iweala for tutorials at night.

    • kikiki

      February 22, 2017 at 9:12 am

      This one na stomach? See belle! See person wey say make we fasten our belts…. wonders shall never end. Keep eating with two hands while your government deceive Nigerians.

    • Fidelis Nzeribe

      February 23, 2017 at 2:52 pm

      I just dey laugh o. She looks good, dem go talk. She doesn”t look good, dem go still talk. Oh well, as long as she, Kemi Adeosun does not take decisions that will further plunge the Nigerian economy down hill, she is on the right track.

  5. LeryQuess

    February 22, 2017 at 9:10 am

    Excellent!
    From the interview, all we need is a sustainable growth. Growth takes time and with more infrastructure and training going on, this will boost our economy.

    She actually knows what she’s saying. We are overdependent on oil; that is why our economy is like this.
    If we really want to get out of recession, we should just do the right thing and be creative.

    • rick

      February 22, 2017 at 12:28 pm

      I totally agree, though i cannot deny a lot of Nigerians are suffering through this process. there should be some kind of buffer to reduce the painful impact of rebuilding/structuring an economy from scratch

    • Fidelis Nzeribe

      February 23, 2017 at 2:55 pm

      Very true talk. I believe the programme for reforms on ground will help ease the economic stress/strain we are faced with as a nation, just as long as federal government and Kemi Adeosun do not take the bait of interest free loan by IMF, we will stay afloat and get back on track slowly but surely.

    • Jade

      February 22, 2017 at 10:42 pm

      We already know this. What are the solutions? Action needs to be taken. We used the phrase “it takes time” as an excuse. We have become too complacent.

    • Philip

      February 23, 2017 at 12:29 pm

      More reason why we need the loans from world bank and china. If we get that money and divert it into the appropriate projects, there will be changes will be noticed immediately.

      Money will be spent on construction (roads, rails, power) creating jobs and revenue, and as she said with time we will be out of this situation that we have put ourselves in.

    • Oluwafemi .O.

      February 23, 2017 at 3:01 pm

      Reforms take time though. Kemi Adesoun has told Federal government will borrow from World Bank, China, and say no to IMF because of unfavourable conditions. So I believe we are on the right track regards providing solutions.

  6. Ugo

    February 22, 2017 at 11:58 am

    Great interview and interviewer!

    She raises good points! Diversification of revenue is crucial! Infrastructure is needed . IMF loan conditionality is painful – their structural adjustment programmes of the ’80’s were very painful . I’m no accountant or economist but I totally agree with her about taking Nigeria taking responsibility – she’s not ruling IMF loans out completely but it should be a measure of last resort.

  7. psalm

    February 27, 2017 at 9:29 am

    she has clarified her reason for not taking up an IMF loan and her point is very reasonable, all by ourselves we have done somuch with our reform programs and goin back to take a loan that comes with reforms is just taking us back. we require something to boost our fiscal policy and build infrastructures….

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