Foreign loans as necessary pills to national development

Prince (Dr.) Ned Munir Nwoko, former member, Federal House of Representatives on Friday, 30 August 2019, said foreign loans are necessary pills for achieving infrastructure provision or upgrade and are valuable in the process of augmenting internally generated revenues in developing countries such as Nigeria. He added that foreign loans contribute positively to the economic growth of a country but can also stall the growth of any economy. Claiming that this positivity or negativity boils down to the condition with the way and manner the foreign loan is sourced and managed.

Speaking as the Guest Lecturer in Ibadan, Oyo State at the 2019 edition of the National Public Service Lecture of the University of Ibadan Alumni Association, on the theme “Towards Efficient Management of Nigeria’s Foreign Loans”, Prince Nwoko recounted his experiences as he pointed out that many problems occurred in the disbursement of loans, as some are overpaid, and the interest rates are not the same. He, therefore, urged benefactors to take time to understand the nature (terms and condition, and proper documentation) of loans, and put the loan to good use, as well as manage it.

In the course of his duty to our nation, Nigeria, as the Former Member, Federal House of Representatives and Founder, Stars University, Idumuje-Ugboko, Delta State, Nwoko recommended that it is better for Nigeria to make use of her accumulated external foreign reserves and other savings than rushing into incurring avoidable foreign debts. That Nigeria should avoid improper utilization of foreign loans when taken, for it has remained a major factor that makes repayment of debt difficult. He encouraged Nigerian citizens to be more patriotic in defending the interest of Nigeria and her citizens.

Earlier in a courtesy visit to the Vice-Chancellor, Prof Abel Idowu Olayinka, FAS, Honourable Nwoko said had it been he had his degree programmes in Nigeria, the University of Ibadan would have been his choice of institution of learning, as Nigeria’s first University.

In the Chairman’s Opening Speech, the Vice-Chancellor, Prof Idowu Olayinka remarked that taking a loan is not a bad idea, but what you use the loan for is the issue of concerns. He encouraged Nigerians to consider taking loans with cogent reasons.

In her welcome address, the President, University of Ibadan Alumni Association Worldwide, Prof. Elsie Adewoye said that the lecture was organized in line with the economic need of the country, at this crucial time.

Award of scholarships was given to about thirty-eight (38) outstanding students in all Faculties in the University, fully sponsored by the Public Service Lecturer, Prince (Dr.) Ned Munir Nwoko. Two (2) outstanding students from the Faculty of Law also received Chief Bola & Justice Atinuke Ige Memorial Award and donation to University through the Department of Physical & Health Education. The Guest Lecturer, Prince Nwoko was presented a gift and conferred as an honorary member of the University of Ibadan Alumni Association.

Present at the occasion were the Principal Officers, staff, students, Ambassador John Fashanu, former English Premier League (EPL) Football Star and Nigerian Sports Ambassador with other dignitaries.