Vunderkind
Social Member
Nigeria's public debt to gross domestic product (GDP) at barely 12 percent is far below the international standard of about 60 per cent, which puts the nation's borrowing capacity at about N42 trillion, according to the Managing Director and Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mustapha Chike-Obi.
He disclosed this in Lagos yesterday while delivering a lecture at the Hallmark Policy Forum, organised by Hallmark Newspapers.
Chike-Obi said that one of the challenges facing Nigeria's development is capital besides competence and culture. He therefore advocates massive borrowing for capital projects and development.
"There is nothing wrong with borrowing provided borrowed funds are justly invested", he said, adding that borrowing should be done on project by project basis.
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He disclosed this in Lagos yesterday while delivering a lecture at the Hallmark Policy Forum, organised by Hallmark Newspapers.
Chike-Obi said that one of the challenges facing Nigeria's development is capital besides competence and culture. He therefore advocates massive borrowing for capital projects and development.
"There is nothing wrong with borrowing provided borrowed funds are justly invested", he said, adding that borrowing should be done on project by project basis.
Click to Read More