Presidential candidate of the Social Democratic Party Donald Duke has lamented that Nigeria is suffering under the weight of foreign loans.
Duke raised the alarm on Monday in Abuja at the SDP headquarters where he said that the development would mortgage the future of the country.
According to him, “Indebtedness to any nation is worrisome, not just China. The concept of independence is being able to stand on your own; you are not independent if you are indebted to other nations. We need to strengthen our own local trade and when you trade, there should be a balance.
“You cannot always import without exporting; you cannot always breathe in without breathing out, that’s the law of nature; there must be harmony.
“If you keep on importing and you are not exporting to have a balance of trade, then your country will haemorrhage; we are haemorrhaging.”
In addition, he said: “All the things that we import, can’t we make them in Nigeria? Each time you import, you are sustaining a job overseas. Our government goes to countries like China to borrow because it is cheaper there.
“But you can also do the same thing here; you can regulate interest rates here and ensure that credit is affordable; we need to indigenise this economy built by Nigerians for Nigerian.”