Prof. Patrick Utomi, Chairman of the Pan African Trade and Investment Committee (PAFTRAC), has urged African nations to approach International Monetary Fund (IMF) bailouts with prudence.
He emphasized that these financial aids should not be seen as acts of pity, but as legitimate business transactions.
In a conversation with Bernard Avle on the Point of View on Channel One TV, Prof. Utomi shared his views on the matter.
“There is no pity involved in it, it is pure straight good business. So let’s approach that good business with good sense and in doing that I think that it can be a win, win for everybody,” he said.
Prof. Utomi further advised against viewing these financial aids as pity capital and instead consider them as patient capital.
He argued that expecting individuals to make significant investment decisions under the burden of high-interest loans is unrealistic.
“So don’t think pity or pity capital, yes think patient capital. Because you don’t give people loans that you ask for 30% interest and expect them to take fundamental investment challenge decisions,” Prof Utomi stated.
