Dr. Kingsley Moghalu, a renowned political economist, former Deputy Governor of the Central Bank of Nigeria (CBN), and Presidential Candidate of the Young Progressives Party (YPP) in the 2019 election, has opened up about his decision to refrain from granting interviews on the Nigerian economy. In a candid post shared on his Facebook page on September 10, 2024, Moghalu expressed deep frustration over the government’s apparent lack of responsiveness to his ideas and recommendations on how to improve the country’s economic situation.
Moghalu, who has been an outspoken advocate for economic reform in Nigeria, stated that his decision was driven by a sense of futility, describing the current state of discourse as a “dialogue of the deaf.” He wrote, “I’ve declined virtually all requests for interviews on the Nigerian economy from Nigerian media over the past several months. Why? There is no point in a dialogue of the deaf. I’ve already spoken a lot about how to fix Nigeria’s economy. Anyone interested can find what I’ve said.”
This statement reflects his frustration at seeing little action taken despite his numerous suggestions and contributions over the years. As a respected figure in both national and international economic circles, Moghalu has long pushed for significant reforms to address Nigeria’s systemic economic challenges. His suggestions have included structural reforms in governance, the diversification of the economy beyond oil dependency, investment in education and innovation, and the establishment of strong institutions that can foster sustainable development.
However, the seeming lack of political will or interest from key decision-makers has caused him to pull back from the public discourse, focusing instead on broader reflections on Africa’s development. His frustration speaks to a larger issue faced by reformers and public intellectuals who often find their ideas sidelined or ignored in favor of short-term political or economic strategies.
Moghalu’s recent reflections extend beyond Nigeria’s economy to Africa as a whole. In a related post on September 6, 2024, he highlighted the limitations of Africa’s dialogues with global powers and emphasized the need for internal, grassroots-driven development. He argued that the continent’s reliance on external solutions and aid is unlikely to lead to the same kind of transformative growth that Asian countries, such as China and South Korea, have experienced in recent decades.
“Any way you slice it, Africa’s ‘dialogues’ with the great powers are unlikely to yield the kind of transformation Asian countries have witnessed in past decades,” Moghalu stated. He believes that real development begins within, driven by a collective national ambition, strategic vision, and values shared by both the leadership and the citizens.
For Moghalu, the key to progress lies in a “bottom-up” approach—one where both the political elite and the citizens are active participants in shaping the future of their country. This contrasts with the “top-down” model that has been imposed on African nations through foreign aid programs and externally-driven economic models, which often fail to address the specific needs and challenges of individual countries.
Moghalu’s call for bottom-up development underscores the importance of national ownership of economic reform processes. He believes that without the political will of leaders and the active engagement of citizens, meaningful transformation will remain elusive. According to him, development “can’t be imposed top-down from outside, but must be bottom-up and driven from inside countries themselves, and by BOTH the leaders (political elite) and the led (citizens).”
Dr. Moghalu’s decision to step back from public commentary on Nigeria’s economy comes after years of being one of the nation’s most vocal proponents for reform. During his tenure at the CBN, he played a key role in stabilizing Nigeria’s banking sector in the wake of the 2008 global financial crisis. His tenure was marked by bold and innovative policies, which earned him widespread recognition for his contributions to the country’s financial system.
After his time at the CBN, Moghalu continued to advocate for systemic changes in Nigeria, positioning himself as a thought leader in economic governance. His 2019 presidential run was largely built on a platform of economic reform, with a focus on modernizing Nigeria’s economy, tackling corruption, and investing in youth development. Though he did not win the election, his campaign resonated with many Nigerians, particularly the youth, who saw him as a fresh alternative to the entrenched political class.
In the years since the election, Moghalu has remained a prominent voice in Nigeria’s political and economic discourse, consistently offering solutions to the country’s pressing challenges. His decision to step back from media interviews may signal a shift in focus, but it does not diminish his influence or the importance of his ideas. Rather, it reflects a deep frustration with the current state of governance and the lack of meaningful action from those in power.
Moghalu’s withdrawal from the economic conversation in the Nigerian media raises important questions about the relationship between intellectuals, policymakers, and the public in shaping the country’s future. It also serves as a sobering reminder of the challenges reformers face in an environment where political expediency often trumps long-term planning.
Despite his frustration, Moghalu’s vision for a more inclusive, bottom-up approach to development remains relevant, especially as Nigeria grapples with rising inflation, unemployment, and a struggling currency. His message calls for a collective effort, where both the leaders and the citizens take responsibility for shaping the country’s economic future. Without this collaboration, real progress may remain out of reach.
As Nigeria faces significant economic hurdles, including currency depreciation, oil price volatility, and rising debt, voices like Moghalu’s are more critical than ever. His call for a shift in mindset and strategy—from reliance on external forces to homegrown solutions—offers a roadmap for sustainable growth and development, not just for Nigeria but for the entire African continent. Whether his warnings will be heeded in the coming years remains to be seen, but his contributions to the conversation on Nigeria’s future are undeniable.
