Percy Onyeka
Kingsley Moghalu, a former deputy governor (financial stability) of the Central Bank of Nigeria (CBN), has spoken on Nigeria’s economic difficulties and urged immediate action to lead the country toward stability and prosperity.
At the 16th Edition of LEADERSHIP Annual Conference and Awards in Abuja on Tuesday, Moghalu spoke on the theme of “An Economy In Distress; Which Way Forward?” and underlined the crucial measures required to stabilize Nigeria’s foreign exchange and promote economic resilience.
He proposed a nuanced approach to stabilizing foreign exchange, suggesting the careful consideration of a $20-30 billion stabilization package from the International Monetary Fund (IMF).
Moghalu underscored the importance of weighing the potential benefits and drawbacks of such a move.
Furthermore, the ex-CBN governor emphasized the necessity of forming a full-time, highly professional Economic Advisory Council comprising seven economists specializing in critical sectors such as agriculture, industry, labor, business, trade, fiscal policy, and development economics.
This council, he believes, would offer strategic insights crucial for economic transformation.
In addition to these measures, Moghalu advocated for the strategic sale of government assets to raise funds totaling $18-20 billion, which could be channeled into bolstering foreign reserves.
He stressed the urgency of President Tinubu assembling a proficient economic team dedicated to driving transformative policies.
Highlighting the pervasive impact of corruption on Nigeria’s governance landscape, Moghalu urged for concerted efforts to combat corruption and implement robust social security systems aimed at alleviating poverty nationwide.
He called on President Tinubu to overhaul his cabinet and embrace the 24-point private sector Bill of Rights to foster a conducive environment for investment and business growth in Nigeria.
Moghalu stressed the need of long-term planning and strategic thinking in order to adequately handle Nigeria’s economic problems.
In order to improve the nation’s economic prospects, he emphasized the necessity of giving meritocracy and efficient governance a higher priority than corruption, tribalism, and mediocrity.
Moghalu’s observations are timely given that Nigeria is currently facing numerous complex economic issues, which highlights the need for audacious and forward-thinking leadership to create a viable future.
Techrectory with Agency Report
