- He elucidated key reforms that are key and urgently needed to stabilize Nigeria’s foreign exchange and usher in economic growth
Former Deputy Governor (Financial Stability) of the Central Bank Nigeria (CBN), Kingsley Moghalu, has proffered solutions and offered valuable insight as to what Nigeria can do to navigate the economic labyrinth it’s currently marooned in.
He elucidated key reforms that are key and urgently needed to stabilize Nigeria’s foreign exchange and usher in economic growth.
He spoke at the 16th Edition of LEADERSHIP Annual Conference and Awards in Abuja on Tuesday.
Addressing the theme, ‘An Economy In Distress; Which Way Forward?’, the economist advocated for decisive actions that will nudge the nation towards stability and growth.
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 highlighted the essence of carefully considering 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 clamoured 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 cerebral and forward thinking economic team dedicated to formulating transformative policies.
He bemoaned the widespread impact of corruption on Nigeria’s governance landscape, calling for conscious and concerted efforts to combat corruption and implement robust social security systems aimed at alleviating poverty nationwide.
He implored 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 emphasized the imperative of strategic thinking and long-term planning to effectively address Nigeria’s economic crisis.
He underscored the need for prioritizing effective governance and meritocracy over corruption, tribalism, and mediocrity to enhance the country’s economic prospects.
Moghalu’s raft of suggestions came at a critical time as Nigeria grapples with multifaceted economic challenges, underscoring the urgency for bold and visionary leadership to chart a sustainable path forward.