COVID-19: Economist calls for issuance of domestic bonds to raise money
Abuja – Mr Tope Fasua, an Economist has called for issuance of domestic bonds in the country to raise money following the COVID-19 pandemic that has affected the Nigerian economy.
Fasua made the call when he appeared as a guest on Channels Television breakfast show “Sunrise Daily” monitored by News Agency of Nigeria (NAN) in Abuja on Friday.
He explained that people who have money in the country should be allowed to invest and lock in their money for five to 10 years at 13 per cent to 14 per cent interest rate.
According to him, the reservation has been that the interest rates are almost zero per cent and they are not comfortable with it.
The economist who lauded the Central Bank of Nigeria (CBN) for mobilising about N3.5 trillion as economic stimulus owing to the pandemic, said the government could inject N10 trillion into the economy.
According to him, this is the right time to invest for the future and such money can be raised.
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“We can raise the money at 13 per cent to 14 per cent, we don’t have to always depend on foreign investors all the time whereas there is money here.
“See what has happened where every country has closed up its borders against every other country. That means that at the end of the day, every country is on its own.
“It is a great time for us to think about how we can improve productivity and also think about some levels of self sufficiency in some of those things we import to the country.
“So that at the end of the day, a country is only as good as what it can make for itself and how it can make the life of its people better.
“This COVID-19 pandemic is also a great opportunity for the country to invest in its human development which is key for overall development,” he explained.
Fasua said following this challenge, Nigeria should brace up not only for the disease but to understand how the economy should be run.
According to him, it is obvious that Nigeria has not run its economy and society right for too long as there are mispriorities of needs by the government in some circumstances. (NAN)
