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Kingsley Moghalu Calls for Economic Transformation in Nigeria

January 3, 2024

 

Photo Credit: Kingsley Moghalu/X

 

In his insightful post on X, Kinsley Moghalu reflects on Nigeria’s economic challenges, tracing a 40-year decline, briefly interrupted by the Obasanjo presidency.

Highlighting the downturn since 2015, Moghalu criticizes incompetent economic management and emphasizes the need for a genuine foundation for long-term transformation.

Addressing the heavy reliance on oil exports in 2023, he dismisses palliative measures, advocating for substantial investments in 20,000 megawatts of electricity, science and technology-based education, and governance cost reduction.

Moghalu underscores the significance of capable individuals in key positions, drawing on the impactful roles of Sanusi and Ngozi Okonjo Iweala.

His report signals a call for real economic thinking and transformative action for Nigeria’s future prosperity.

Read his post is below:

“Nigeria’s economic distress is simply part of a 40-year downward trajectory that was broken only briefly by the Obasanjo civilian presidency and to some degree under Yar’Adua/Jonathan (up to mid-2014). Ever since, especially from 2015, we fell under completely incompetent economic management and have not recovered.

The immediate future looks difficult. One wishes one could see what will create fundamental change, but alas! Throwing money that is not created wealth at problems will not solve our problems. It only makes them worse.

We need to lay a real foundation for longer term economic transformation. That 80% of Nigeria’s exports in 2023 was oil tells you we have yet to get serious. “Palliatives” (just google the dictionary definition of the word) will never reverse poverty. Wealth is positively created. You cannot redistribute it when you haven’t created it. You are simply recycling poverty.

If we invest HEAVILY in achieving 20,000 megawatts of electricity and free education based on a 70% science and technology/TVET based curriculum over the next 4-5 years, and drastically cut the cost  of governance, the true foundation for our future prosperity would have been laid. It can be done. But the patterns of thought of our political class are a real obstacle. Real economic thinking is NOT happening, so economic transformation can’t follow.

Like it or not, individuals in certain positions matter. Sanusi and Ngozi Okonjo Iweala made a huge difference in their roles. That’s because they had CAPACITY. Their appointments went above politics of cronyism. The results, which is what matters more than sound and fury at the end of the day, followed.

It was an empowering and enabling experience and environment to have worked with both of them in economic thinking and policy formulation. We kept the politicians at the gates. When the agbada people took over completely and competent technocracy was treated with scorn ever since and up till today, it’s been a sad story.

May we recover one day. Like it or not, appointments have real consequences.”

 

Credit: Kingsley Moghalu/X

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