A professor of international relations, Prof. Bola Akinterinwa described Nigeria’s foreign borrowing as a welcomed development, so long as such borrowing was meant for national development.
Akinterinwa spoke with newsmen in Lagos, while reacting to complaint by some Nigerians that Nigeria’s current foreign borrowing would lead the country into another huge foreign debt.
It would be recalled that some of  Nigeria’s creditors under the Paris Club had in 2005 written off about 18 billion dollars out of the country’s 30 billion dollar debt.
Akinterinwa, who is the Director-General of the Nigerian Institute of International Affairs (NIIA), said that countries like America, Canada, Russia, India, China, South Africa and others, sometime also resort to foreign borrowing.
“There is really no problem if Nigeria decides to engage in some other foreign borrowing. The critical issue should be what the borrowing is going to be used for.
“If the Federal Government decides to take more foreign loan and it is for productive purposes, then there is nothing wrong with such loans at all.
“It is my believe that Nigeria, as the giant of Africa can take loan from international organisation to provide industrial and manufacturing leadership in the continent.
“America, as rich as it is, is indebted and Canada, Russia, India, China, South Africa and others are also indebted,’’ he said.
Akinterinwa said that it was imperative for any government embarking on foreign borrowing to make judicious use of such loans.
The director-general, however, urged Nigerians to know that such loans, which were not always given in physical cash, were meant for specific projects.