Minister of Finance, Kemi Adeosun said Nigeria needs to borrow urgently in a bid to deliver critical infrastructural projects such as roads, rail and power.
Adeosun made this known at a press conference marking the conclusion of the 2017 World Bank/International Monetary Fund Annual Meetings in Washington DC, United States, US. She said that Nigeria currently has one of the lowest debt-to-Gross Domestic Product figures in the world, placed at about 19 per cent. Most advanced countries have over 100 per cent.
She emphasized that we need to tolerate a little bit more debt in the short term to deliver roads, rail, and power.
That, in itself, will generate economic activities and jobs, which will then generate revenue which will be used to pay back (the loans). It is a strategic decision that as a country we have to make.