"This past weekend I hosted Nollywood, the Nigerian movie industry, to a reception to celebrate a glorious 20th anniversary of the industry. The event was an opportunity to celebrate creativity, excellence, hard work and togetherness. Twenty years ago we looked to other parts of the world for movie entertainment. Today, millions around the world are looking towards Nigeria. The focus on Nigeria is not just in entertainment but in wealth creation as well. I received news from KPMG, one of the world’s leading financial advisory firms, to the effect that Nigeria is amongst the world’s top 4 preferred investment destinations. This is an affirmation of Nigeria’s reforms which has seen an increase in our Gross Domestic Product, Per Capita Income and a movement towards reduction in our poverty rates. My dear friends on facebook, I will not be satisfied until we can get all our youths to work, improve our infrastructure: roads, rail, power, aviation. Things are looking up, Nigeria is a haven for investors and this administration is also taking steps to protect the interests of domestic entrepreneurs. GEJ"
The irony is that Nigeria is back on servicing debt again. In 2012 alone, the country spent about N559.58 billion on debt.
However, planned total domestic borrowing of N534 billion in 2013 will take the country’s total domestic debt stock to approximately N7 trillion ($45 billion) at the end of 2013 while a planned issue of $1.0 billion Eurobond will take Nigeria’s external debt stock to $7.3 billion, raising the country’s total debt stock to over $52.3 billion.
Some people think, this is astonishing mindless with no regards for the future. Or what do you think?
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