Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria and Chairman of the Africa Private Sector Summit, has proposed significant measures to restore investor confidence in Nigeria and revitalize the economy. In an interview with ARISE NEWS, Moghalu emphasized the need for President Tinubu to undertake a cabinet reshuffle and establish a full-time Economic Advisory Council.
Moghalu highlighted the sluggish process of appointing the cabinet and the political nature of its composition as factors that deterred investor confidence. He suggested that a more technocratic cabinet could address the economic challenges facing the country effectively.
Additionally, Moghalu recommended the formation of a comprehensive Economic Advisory Council comprising specialists in various disciplines of economics. This council, he argued, would provide holistic advice on fiscal policy, industrial policy, trade policy, and other essential aspects of economic management.
Addressing Nigeria’s economic stability, Moghalu proposed several strategies, including the issuance of a 20 trillion naira bond to finance infrastructure projects and create jobs. He also discussed the option of seeking a $30 billion IMF stabilization program to alleviate forex liquidity challenges and improve investor sentiment.
However, Moghalu cautioned that any IMF facility should be substantial to have a meaningful impact and advised careful consideration of the associated risks, such as increased indebtedness and challenges to sovereignty.
Furthermore, Moghalu emphasized the importance of Nigerian leaders demonstrating exemplary conduct and fostering inclusivity and vision in governance. He underscored the need for constitutional reforms to address ethnic diversity and promote a sense of national unity and shared destiny among citizens.
In conclusion, Moghalu’s proposals advocate for comprehensive reforms to address Nigeria’s economic challenges and foster inclusive governance. By reshuffling the cabinet, establishing an Economic Advisory Council, and pursuing strategic economic initiatives, Nigeria can potentially regain investor confidence and stimulate sustainable growth.
