Kingsley Moghalu Reveals Sad Reality About Nigerian Leaders

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has accused Nigerian leaders of lacking interest in solving the country’s problems.

Naija News reports that Moghalu, in a post on his X handle on Monday, said many Nigerian leaders are more focused on politics, rent-seeking, and picking sycophants and ethnic journeymen for jobs they can’t perform.

The Nigerian political economist stressed that knowledge, competence, expertise, and political will would solve Nigeria’s problems.

He said: “The tragedy of Nigeria is that many of its leaders are not truly interested in solving the country’s problems.

“They are more focused on politics, rent-seeking, and picking sycophants and ethnic journeymen for jobs they can’t perform. But problems can’t solve themselves.

“It’s knowledge, competence and expertise, plus political will, that solves problems. To bring these factors together to fix Nigeria’s problems requires real #Leadership.

“This is a concept that can incorporate politics, but goes well beyond it. #LeadershipMatters.”

Meanwhile, Kingsley Moghalu has criticized the notion that the naira will stabilize at N400 to the dollar.

The political economist deems the notion as unrealistic.

Naija News reports that Moghalu expressed his viewpoint through a series of posts on his X account.

He wrote: “Those who want the Naira to be N400 to the $ are living in a dream world. Even discounting for the negative impact of speculative attacks on the value of the Naira, the exchange rate will (and should) reflect its market value in reality, not the artificiality that the Emefiele era central bank sought to maintain to please economic illiterates in political power at the time.

“That artificiality created room for massive arbitrage by speculators which bled the economy. Nigeria does not (yet) have a productive export economy. That’s the heart of the matter.”