Moghalu advises Tinubu on cabinet composition, economic reforms to tackle economic crisis

Oluwasegun SanusiMarch 6, 20241 Mins read643

In light of Nigeria’s current economic challenges, former deputy governor of the Central Bank of Nigeria Kingsley Moghalu has proposed significant measures aimed at restoring investor confidence and revitalising the nation’s economy.

In an exclusive interview with Arise News, Moghalu emphasised the urgent need for decisive action from President Tinubu’s administration. Moghalu highlighted the importance of reshuffling the ministerial cabinet as a crucial step towards rebuilding investor confidence.

He stressed that the sluggish process of cabinet appointments and their perceived political nature had contributed to eroding trust among investors.

Moghalu stated, “To restore confidence, President Tinubu needs to reshuffle his cabinet because one of the reasons that investor confidence disappeared was that the process of appointing his cabinet was too slow, and then when it made the announcement, it was largely a very political type of cabinet.”

Moghalu further recommended the establishment of a full-time Economic Advisory Council comprised of specialists in various economic disciplines.

He argued that such a council would provide comprehensive advice on addressing Nigeria’s economic challenges and structurally diversifying the economy from dependence on oil or agriculture.

Moghalu stressed, “The real solution to our economic crisis is to first and foremost study what brought us here. If we fix the problems, the habits, the incompetence, and the lack of will that brought us to where we are, then we have fixed the crisis, and we have prepared the way forward for Nigeria’s economy.”

In addition to internal reforms, he proposed two external financing options to stimulate economic growth. He suggested issuing a 20 trillion naira bond to finance nationwide railways, housing, and agriculture projects, creating millions of jobs.

Alternatively, he advocated for Nigeria to consider a $30 billion IMF stabilisation program, citing the potential benefits of improved investor sentiment and forex liquidity.

Moghalu underscored the importance of Nigerian leaders demonstrating inclusive and visionary leadership to foster a sense of nationhood and trust among citizens.

He urged reevaluating the nation’s constitution to ensure fairness, equal opportunity, and a shared purpose for all ethnic nationalities within the Nigerian project.