A Look at the Reasons Hindering Nigeria’s Prosperity, According to Moghalu

Kingsley Moghalu, the former Deputy Governor of the Central Bank of Nigeria, has outlined the factors that he believes are preventing African countries from achieving prosperity.

In his analysis, Moghalu highlighted the challenges faced by Nigeria and other African nations, attributing the lack of prosperity to issues such as weak governance capacity, absence of foundational philosophical worldview, limited knowledge of public policy framing and execution, as well as inadequate monitoring and evaluation frameworks.

Sharing his thoughts on X, Moghalu stated, “Why African countries can’t create prosperity: weak governance capacity. Absence of key factors including:

1. Foundational philosophical worldview (an essential element in every prosperous developed country).

2. Knowledge of public policy framing and execution.

3. Monitoring and evaluation framework.

4. Decision Science (data-driven policy making).

5. Basic macroeconomic knowledge (highlighted during my interactions as Deputy Governor at @cenbank with authorities from @NigeriaGov and @nassnigeria).

6. Strategy and risk management.

7. Understanding the role of the private sector and achieving the right balance between state regulation, policy, and market forces.

8. Ensuring accountability in addressing corruption, to prevent it from becoming systemic and derailing governance focus from developmental goals.

9. Emphasizing nationhood over divisive identity-based thinking (such as ethnicity and religion) to promote objectivity in decision-making. Moghalu argues that without a comprehensive worldview, many African countries are driven by narrow perspectives.”