Nigerian Economy Will Resurrect If Authorities Were Able to Fix the Fundamentals - Kingsley Moghalu

Former deputy governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has asserted that as Nigeria finds itself in a profound economic turmoil, resulting in diminished purchasing power, hyperinflation, devaluation of the naira currency, and disruptions in the food supply chain, it must be ready to take bold and tough decisions in order to forge ahead.

Moghalu disclosed this while delivering his keynote address at the annual LEADERSHIP Conference and Awards 2023, holding in Abuja, on Tuesday.

He also described the N30trillion Ways and Means granted to the Buhari government by the CBN under the immediate-past Governor of the apex bank, Godwin Emefiele, as an “unprecedented corruption” in the country, adding that the President Bola Tinubu administration also made costly mistakes, which exacerbated the current crisis.

Moghalu said: “We should not be surprised that there is hunger and anger in the land because the past 10 years have been marked by many economic mismanagement, blotted ways and means of the CBN, blotted budget and unprecedented corruption.”

He, however, said the Nigerian economy will resurate if the authorities were able to fix the fundamentals, namely; cost push inflation, insecurity, guarantee access to finance, build stable power supply and wake up the fiscal segment of the economy.

He said Nigeria must not waste the present economic crisis to solve the economic challenges facing the nation.

In the aftermath of his address, Dr. Moghalu expressed gratitude and humility for the warm reception, underscoring the importance of collective efforts in driving positive change and advancing Nigeria’s economic agenda. He reaffirmed his commitment to leveraging his expertise and influence to contribute to the nation’s progress and prosperity.

As the LeadershipNGA 2024 Conference & Awards concluded, attendees departed with renewed optimism and determination, inspired by Dr. Moghalu’s vision for a resilient and prosperous future. His keynote address served as a catalyst for dialogue, collaboration, and action, igniting a sense of unity and purpose in navigating the economic challenges ahead.

March 06, 2024