Moghalu explains why Nigeria can’t prosper, listing nine reasons. Explore the obstacles he identifies and their impact on the country.
Kingsley Moghalu, formerly the Deputy Governor of the Central Bank of Nigeria, has provided an explanation for why African nations are unable to generate prosperity.
Moghalu remarked that the governance capacity of Nigeria and other African countries is deficient in numerous areas such as philosophical foundations, expertise regarding public policy development and execution, establishment of effective monitoring and evaluation frameworks among others.
On X, he shared that the reason African countries struggle to create prosperity is due to their weak governance capacity and lack of:
1. Every prosperous developed country possesses a foundational philosophical worldview.
2. Understanding of how to frame and implement public policies.
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3. A framework for monitoring and evaluating.
4. Policy Making through Data-Based Decision Science.
5. As a Deputy Governor of @cenbank, it was evident from my interactions with both @NigeriaGov and @nassnigeria that I possess fundamental understanding of macroeconomics.
6. Management of risk and strategy.
7. Comprehension of the private sector’s function and achieving a suitable equilibrium between governmental regulations, policies, and market forces.
8. Corruption accountability is lacking in reality, giving rise to systemic corruption that completely deviates from the genuine focus of governance on development. This holds true as corruption exists everywhere.
9. National identity is hindered by excessive atomistic thinking, focused on ethnicity or religion, which erodes objective decision-making abilities. African countries are often governed based on narrow perspectives due to a lack of comprehensive worldviews.
