Dialogue on Corrosive and Constructive Capital in Nigeria

At a 3-day networking and experience sharing workshop on corrosive and constructive capital in Nigeria organized by the Center for Journalism Innovation and Development (CJID) in collaboration with the Center for International Private Enterprise (CIPE), the need for media and CSOs actors to interrogate the opacity around capital inflows to the country either as loans, aids or FDIs was accentuated.

The dialogue raised concerns over the lack of transparency and accountability in the process of obtaining certain loans by the government, and the consequent erosion of values of such capital inflow (corrosive); and ways to ensure the inflow of constructive (responsible, market and value oriented) capital were also discussed.

The Center welcomes this advocacy drive aimed at drawing stakeholders’ attention to the implication of corrosive capital to the nation’s economy. This is also because of the country’s dire fiscal condition and huge debt burden which currently stands at N77 trillion based on figures by the Debt Management Office (DMO), inclusive of the recent securitization of the N22.7 trillion Ways and Means advances at the Central Bank of Nigeria.

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