Emefiele, the worst CBN government in Nigeria’s history – Mogul

Nigeria's future looks difficult under incompetent economic management – Mogul

Former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, said on Wednesday that Nigeria has fallen into total incompetent economic management and has not recovered since 2014.

In a statement on his X-handle, Moghalu told the government of President Bola Tinubu that palliative measures cannot reverse poverty.

He argued that “spending money that does not generate wealth will not solve the nation's problems,'' and “the immediate future looks grim.''

Mr. Moghal suggested that the country needs to lay a real foundation for long-term economic transformation.

“Nigeria's economic woes are only part of a four-decade downward trajectory that was only broken under the Obasanjo civilian presidency and, to some extent, under the Yar'Adua/Jonathan administration (until mid-2014),” he said. Stated. Since then, especially since 2015, the country has been mired in completely incompetent economic management and has not recovered.

“The immediate future looks bleak. Some may wish they knew what would create fundamental change, but alas! Throwing money that doesn't create wealth won't solve the problem. It will only make things worse. We need to lay the real foundations for long-term economic transformation. 80% of Nigeria's exports in 2023 were oil, which means we are not serious yet. This is telling: “palliative measures'' (just Google the dictionary definition of that word) will never reverse poverty.

“Wealth is actively created. If you don't create it, you can't redistribute it. You're just recycling poverty. 20,000 megawatts of electricity supply and 70% of science and technology over the next 4-5 years. If we invest heavily in delivering free education based on TVET-based curricula and significantly reduce governance costs, the real foundations for future prosperity will be laid. It is possible. But I The thinking patterns of our political class are a major stumbling block. No real economic thinking is happening, so economic transformation cannot catch up.

“Whether we like it or not, individuals in certain positions are important. Sanusi and Ngozi Okonjo-Iweala made a huge difference in their respective roles because they had the capacity. The appointment was more than crony politics: in the end, results are more important than sound or intensity.

“Working with both of them on economic thinking and policy development was an empowering and enabling experience and environment. We kept the politicians at the door. It's a sad story that a hijacked and capable technocracy has been treated with disdain ever since, and even to this day. May it be restored one day. Whether we like it or not, promises are pragmatic. There are things.

Source: dailypost.ng

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