Post

More from @MoghaluKingsley

Kingsley Moghalu OON

@MoghaluKingsley

Aug 12

I respectfully disagree with President @officialABAT ‘s response to the visit to him by The Patriots, led by former @commonwealthsec Secretary-General Chief Emeka Anyaoku, during which the group (of which I am a member) pressed for a new Constitution for Nigeria as a matter of

urgency, and recommending specific steps to achieve this. While PBAT received the eminent elder statesman and his colleagues with the appropriate dignity and protocols (“this is a group I cannot ignore”, Tinubu noted), the President asserted that economic reform (and the

crisis that it has created in the country) is his priority right now, but that his government would of course study the recommendations of The Patriots and respond (hopefully with action and not merely words). What Nigeria’s leaders fail to understand is that it will be extremely

Read 13 tweets

Kingsley Moghalu OON

@MoghaluKingsley

Jul 24

The @nnpclimited v @AlikoDangote saga is a sad tale of how successive governments of Nigeria have failed to create a real economy that generates wealth for its citizens. Our economy works only for a very few who get rich while Nigerians continually get poorer. #Rentseeking

The economic failure of Nigeria's leaders because of loyalties to vested interests and unholy ties between "business" and government is deeply unfortunate. @NigeriaGov is, and has been unable, either to stimulate through effect economic policy a set of strategic oligopolies

across sectors under which smaller businesses and supply chains thrive, making up a successful national economy as in South Korea. Neither has the government, on the other hand, been able to create a truly competitive, level playing field for business in Nigeria so that wealth

Read 7 tweets

Kingsley Moghalu OON

@MoghaluKingsley

Jun 4

In the debates on national wage in Nigeria we miss the fundamental point: there is little or no productivity in the economy. If we had a truly productive economy there is no reason we can’t have the kind of minimum wage of 400 or 500K that Labour wants. But we can’t, because the

level of productivity in the economy cannot support it. Remember, minimum wage is not just about government salaries. There are not more than 2, at most 3 million civil servants in Nigeria. It is even more about what is paid in the private sector, to household staff, etc.

All of this is why, all things considered, including avoiding a minimum wage that multiplies already ravaging inflation (assuming such a wage can even be paid), I recommend a minimum wage of between N75,000 and N100,000.

In fact, speaking about productivity, how productive is

Read 5 tweets

Kingsley Moghalu OON

@MoghaluKingsley

Apr 29

The Naira tanking back down to the 1,400s to $1 demonstrates what some of us have been saying. Seeking a falsely “strong” currency when the fundamentals are out of whack is shadow chasing. The focus should be on the STABILITY of the exchange rate, not a populist exchange rate

and premature declarations of “best performing currency”. Reports that there are now multiple exchange rates to BDCs, Customs, and NAFEX are also worrying. It’s not yet uhuru. Let us stabilize the Naira at whatever is its true market value and then pivot to the real issues:

taking Nigeria to 20-25K megawatts of 24 hour electricity in 2-3 years starting with Lagos, Kano, Onitsha and Nnewi (Aba seems promising with Geometric power) so we can create a truly productive economy. Dealing decisively with oil theft and ramping up oil production to bring in

Read 6 tweets

Kingsley Moghalu OON

@MoghaluKingsley

Jan 26

Our relationships with others sometimes deepen or shrink in strange ways. When I was a Deputy Gov at the CBN, there was this bank MD that wanted my approval for certain things concerning his challenged bank. But he would not follow the guidelines we gave him, instead looking for

shortcuts and expecting me to play along. One day my patience snapped. I terminated our conversation and showed him the door of my office. Long story short, the matter was eventually resolved after the bank met certain regulatory conditions. Today that MD (since retired) is

a good friend. After I completed my tenure in November 2014 and left the apex bank, my deceased father in law was buried in early 2015. The MD sent a personal representative to the funeral with a gift. Note the phrase “after I had completed my tenure and left the apex bank”.

Read 5 tweets

Kingsley Moghalu OON

@MoghaluKingsley

Jan 3

Nigeria’s economic distress is simply part of a 40-year downward trajectory that was broken only briefly by the Obasanjo civilian presidency and to some degree under Yar’Adua/Jonathan (up to mid-2014). Ever since, especially from 2015, we fell under completely incompetent

economic management and have not recovered. The immediate future looks difficult. One wishes one could see what will create fundamental change, but alas! Throwing money that is not created wealth at problems will not solve our problems. It only makes them worse. We need to lay a

real foundation for longer term economic transformation. That 80% of Nigeria’s exports in 2023 was oil tells you we have yet to get serious. “Palliatives” (just google the dictionary definition of the word) will never reverse poverty. Wealth is positively created. You cannot

Read 8 tweets

Share this page!

Enter URL or ID to Unroll

Kingsley Moghalu OON

Try unrolling a thread yourself!

More from @MoghaluKingsley

Kingsley Moghalu OON

Kingsley Moghalu OON

Kingsley Moghalu OON

Kingsley Moghalu OON

Kingsley Moghalu OON

Kingsley Moghalu OON

Did Thread Reader help you today?

Don't want to be a Premium member but still want to support us?

Send Email!