Mr Godfrey Ohuabunwa, a former Director in Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture, has advised the Federal Government against taking foreign loans.
Ohuabunwa told the News Agency of Nigeria (NAN) in Port Harcourt on Monday that government should be careful of some of the conditions attached to these loans.
He said that foreign loans could pose danger to our economy and could lead to “economic servitude“.
“The Federal Government should not do anything to mortgage our economy to some international players, countries or donor organisations.
“We must avoid making our economy wholly dependent on metropolitan states, “ he said.
Ohuabunwa advised that government should review some of its agreements on economic matters with some developed countries.
He said that Nigeria could develop her agro-allied sector to generate enough revenue and stop seeking international finance.
“If we pay adequate attention to agriculture, there will be enough food and cash crops that will bring revenue to us.
‘’Our crops and soil are wasting away because everybody wants white-collar jobs.
“Farming has been known globally to generate enough income for domestic development, “ he said.
Ohuabunwa said that the different tiers of government could overcome economic challenges by adopting ingenious and indigenous strategies that abound.
“Look, this country is rich; we have not even used half of what can make us richer than some of the developed countries,” he said. (NAN)