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“Real Economic Thinking is not Happening” – Kingsley Moghalu

In a recent post on his X page, former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has expressed grave concerns about Nigeria’s economic trajectory, outlining a 40-year downward spiral with intermittent positive shifts during select administrations.

Moghalu highlighted the brief economic respite experienced under the Obasanjo civilian presidency and, to some extent, during the Yar’Adua/Jonathan era until mid-2014. However, he lamented the country’s descent into what he described as “completely incompetent economic management,” particularly since 2015.

The former CBN official raised alarms about Nigeria’s heavy reliance on oil exports, accounting for a staggering 80% of total exports in 2023, indicating a lack of diversification and a failure to prioritize other sectors crucial for sustainable economic growth.

Moghalu emphasized the futility of throwing money at problems without creating genuine wealth, asserting that such actions only exacerbate existing issues. He advocated for a strategic focus on building a solid foundation for long-term economic transformation, pinpointing key areas for urgent intervention.

According to Moghalu, investing substantially in achieving a robust electricity generation capacity of 20,000 megawatts and implementing free education centred around a curriculum emphasizing science, technology, and technical vocational education and training (TVET) over the next 4-5 years could lay the groundwork for future prosperity. Additionally, he stressed the imperative need to significantly reduce the cost of governance.

The former deputy CBN governor underscored the critical role of competent and capable individuals in driving economic change, citing the impactful contributions of figures like Sanusi and Ngozi Okonjo-Iweala, who transcended political cronyism to drive results-oriented policies.

Moghalu lamented the decline of competent technocracy in favour of political affiliations, pointing out the adverse consequences of sidelining capable experts in economic policy formulation. He urged for a departure from this trend and emphasized the tangible impact that appointments hold in shaping the country’s economic trajectory.

In conclusion, Moghalu expressed hope for Nigeria’s recovery, calling for a concerted effort to prioritize genuine economic thinking and policy formulation over political considerations to pave the way for a prosperous future.

 

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