Ezekwesili wants Nigeria’s business environment reformed

Former Vice President of the World Bank, Mrs. Oby Ezekwesili, has warned that except necessary reforms are put in place, Nigeria may not rip the benefit of its borrowing.
The Debt Management Office puts Nigeria’s debt at $73.21 billion.
Ezekwesili, who made the observation during a programme on African Independent Television (AIT) monitored in Abuja, insisted that except the reforms are carried out, Nigeria will continue to borrow to spend on consumption.
“When you look at the kind of productivity we have in our economy you will realize that we need to first put necessary reforms ahead of any kind of borrowing.
“Your different sources of resources you need for development would necessitate your conversation as to what reforms do I need to make so that some of my problems can be solved by private capital.
It would reduce the extent of national debt that I have to get myself into,” she said.
The former Minister of Education warned that except Nigeria borrows for the right reasons it would further harm its economy.
“…there is still the issue of the scale of the borrowing you have to make for the right reason because if you exaggerate your capacities to borrow you are going to rip your economy.
“The truth is that investors continue to look at these indicators in order to determine whether a country is sustainable and viable in the medium to longer term.”