Why Nigeria Can’t Prosper – Moghalu

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Monday, July 29th, 2024

(AFRICAN EXAMINER) – Former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, has opened up on why African countries can’t create prosperity.

Moghalu, in a statement on his X handle on Monday stated that Nigeria and other African countries do have a bad governance capacity, which includes their foundational philosophical worldview, their knowledge of public policy framing and execution, among other things hamper their growth.

He writes: “Why African countries can’t create prosperity: weak governance capacity. Absence of:

“1. Foundational philosophical worldview (EVERY prosperous developed country has one).

“2. Knowledge of public policy framing and execution.

“3. Monitoring and evaluation framework.

“4. Decision Science (data-based policy making).

“5. Basic macroeconomic knowledge (as DepGov @cenbank this was obvious from interactions across @NigeriaGov and @nassnigeria ).

“6. Strategy and risk management.

“7. Understanding of the role of the private sector and the right balance between the state (regulation and policy) and the market.

“8. Accountability (in reality) for corruption, thus allowing corruption (which exists everywhere) to become systemic and completely divert away from a true focus of governance on development.

“. Nationhood. Too much atomistic thinking along identity (ethnic and religious) lines. This completely destroys any inclination to objectivity in decision making. In the absence of a true worldview many African countries are “governed” by small views.”