Anambra State Governor, Professor Charles Soludo, emphasized that his administration has not resorted to borrowing since he took office. He highlighted this point to showcase how prudent financial management alongside the responsible use of public resources can lead to sustainable development without incurring additional debt.
Speaking at the Delta State Economic and Investment Summit on Monday, Soludo expressed optimism about Nigeria’s economic recovery following recent reforms. As a former Governor of the Central Bank of Nigeria, he noted signs of an improving economic outlook and the gradual return of macroeconomic stability.
“Nigeria’s economy is stabilizing and recovering,” he stated, stressing his commitment to maintaining a debt-free administration.
Soludo urged both federal and state governments to focus on fiscal discipline rather than excessive borrowing for developmental projects. He believes that strategic planning, effective resource management, and enhanced revenue generation can yield durable economic benefits without burdening future generations with debt.
The governor also advocated for increased support of locally made products, arguing that reliance on imports hinders industrial growth and job creation. He pointed out that widespread preference for foreign goods among Nigerians, including prominent individuals, remains an obstacle to local industrialization.
By fostering greater consumption of Nigerian-made items, particularly in textiles and garments, Soludo argued that local industries could thrive and significantly boost employment opportunities. If Nigeria’s population of approximately 247 million chose domestically produced goods, he believes it could create over 10 million jobs.
He concluded by reaffirming that promoting indigenous industries would enhance local production, drive economic growth, lessen import dependency, and accelerate the country’s industrial progress.
