Former Deputy Governor of The Central Bank of Nigeria (CBN) and Young Progressives Party (YPP) presidential candidate for 2019, Dr. Kingsley Moghalu, has declined offers to speak with the media about the state of the Nigerian economy. He urged that media outlets consult his earlier remarks on the subject and likened the current talks on the topic to a “dialogue of the deaf.” Moghalu underlined that he had already discussed his ideas for improving Nigeria’s Economy in great detail.
According to Moghalu’s recent remarks, discussions with international powers haven’t produced the same kind of economic transformation that Asian countries have, thus African states should concentrate on internal development plans instead. He maintained that genuine progress cannot be forced without by external forces, but rather must be pushed internally by political leaders and the people themselves, starting with a strong national goal, values, and strategy. Renowned economist and attorney, Dr. Kingsley Moghalu, was the Deputy Governor of the Central Bank of Nigeria (CBN) from 2009 to 2014.
Beyond his position at the CBN, he has worked as an advisor to the UN.
In the aftermath of the 2008 global financial crisis, he was instrumental in stabilizing Nigeria’s financial sector throughout his tenure. The country’s banking industry was strengthened when Moghalu played a key role in putting reforms into place that resulted in the recapitalization of Nigerian banks. Additionally, he supported the implementation of cutting-edge laws like the Nigerian Payment Systems Vision 2020, which set the stage for expanding financial inclusion and updating the payment infrastructure. Beyond his position at the CBN, he has worked as an advisor to the UN and as an International Business and Public Policy professor at Tufts University’s Fletcher School of Law and Diplomacy.
More so, his reputation as a leading authority on policy and economic matters has elevated him to a prominent position in Nigeria’s economic dialogue. Moghalu has continuously emphasized the need to shift away from an over-reliance on oil Revenue and argued in favour of a diversified economy. He has recommended measures include investing in human capital via Education and career training, changing the political system to get rid of corruption, and establishing an atmosphere that is favourable for small and medium-sized businesses (SMEs) to prosper. In an effort to boost employment and Nigeria’s Export potential, he has also advocated for structural changes in the Manufacturing and agricultural sectors.
His opinions may have an impact on future economic policies.
Building a development financing organization that focuses on important industries like technology, agriculture, and Infrastructure is one of the many recommendations made by Moghalu in his book “Build, Innovate, and Grow: My Vision for Our Country”. The traditional wisdom of heavily depending on loans and aid from abroad is challenged by the political economist’s plea for Africa to turn home rather than outside for economic progress. Adopting his position could result in more resilient and sustainable economic policies throughout the continent. It also highlights the significance of internal reforms, national ambition, and self-reliance.
If Nigeria adopted Moghalu’s inward-looking strategy, it might reconsider its economic priorities and give industries like technology, agriculture, and education more weight. By pushing politicians to address structural problems, enhance governance, and create an atmosphere that encourages investment, his opinions may have an impact on future economic policies. While some people support his suggestion to refocus, others find his strategy unduly idealistic. It is argued by critics that Nigeria’s economic problems are deeply ingrained and that there are substantial institutional impediments that impede quick adjustments.
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The CEO of Economic Associates and economist Ayo Teriba, for example, has stated that political opposition and bureaucratic inefficiencies prevent Nigeria from implementing ideas effectively, leaving the country with a shortage of ideas overall. Moreover, some decision-makers think that foreign Investment and international collaboration are still essential to Nigeria’s economic development. Scholars contend that Moghalu’s self-centered approach may distance Nigeria from international prospects and financial assistance, which remain crucial for filling funding shortages for infrastructure and development.