EXPERT,U.B.S BACK I.M.F'S POSITION ON NIGERIA'S ECONOMY

SOME BIG BANKERS IN EUROPE HAVE A GREAT DOUBT ON NIGERIA'S ECONOMY

EXPERT,U.B.S BACK I.M.F'S POSITION   ON NIGERIA'S ECONOMY

BY ABDULMUMINI ADEKU

A Financial management consultant and Chief Executive officer of Midas Nigeria Limited,Mr Gbenga Afolayan has thrown his weight behind the position of the U.B.S of Switzerland and the current International Monetary Fund report on Nigeria's economy .

The consultant had given this reporter about three months ago an assignment to conduct a due diligence report on the nation's investment climate but which this reporter was still working on as at press time when he suddenly told The News office Desk of Paedia Express Multimedia Group that based on I.M.F'S position on Nigeria which was in tandem with his personal investigations he has passed a vote of no confidence on NIgeria's economy.

He also told this reporter that he is great friends with a top notcher of the African Bureau of the U.B.S of Switzerland and after comparing notes they have come to believe that every foreign investor should exercise restrain before investing in Nigeria.

He warned that if the nation did not direct her resources into promoting a non-oil based knowledge  based format he was afraid that the nation's economy will collapse by 2030.

It would be recalled   that the Presidency had recently upon the re-appointment of Mr Uchechi Orji ,The Managing Director of the Sovereign Investment Authority told the whole wide world that the agency  had made a remarkable list of achievements or giant strides under Orji's leadership with assets now valued at $2billion.

I.M.F.'S current news on Nigeria is not heart warming at all to say the least especially as it concerns the nation's mounting public sector debt portfolio.

I.M.F'S Director for African Region,Mr Abebe Selassie  at a recent Bretton Woods parley noted that virtually all African nations were hugely indebted but had quickly added that this was very common in oil exporting countries.

He had attributed this to such factors as fiscal deficits, growing   interest bills and valuation effects associated with exchange rates depreciations as reasons for the public sector debt.

He explained that a conducive external financial environment which has eased access and cost of borrowed funds  has encouraged increased borrowing and shot up Africa's debt profile.

He had acknowledged the fiscal adjustment plans put in place by African nations while stressing that the strict adherence to the plans was very vital.

His words:"Most sub-saharan nation's were planning adjustments in the up coming years, so the key message in passing will be that nations need  to stick to the adjustment plans" he stated.