In a recent statement on his official X account, former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, expressed his concern over the state of Nigeria’s economy.
Moghalu argued that the country’s economic decline over the past 40 years was briefly interrupted only during the administrations of Obasanjo, Yar’Adua, and Jonathan, and that the downturn worsened after 2015.
According to Moghalu, the economic distress is a result of incompetent economic management, and he emphasized the need for a real foundation for long-term economic transformation.
He criticized the reliance on oil exports and stressed the importance of investing heavily in achieving 20,000 megawatts of electricity, implementing free education with a focus on science and technology, and reducing the cost of governance.
Moghalu pointed out that simply throwing money at problems without creating real wealth only exacerbates the issues. He highlighted the significance of individuals in key positions, citing examples like Sanusi and Ngozi Okonjo Iweala, whose capacity and competence made a positive impact.
Moghalu called for a departure from cronyism in appointments, emphasizing the need for true economic thinking and policy formulation to pave the way for genuine economic transformation.
