Ten Reasons Nigeria, Other African Country’s Can’t Create Prosperity – Moghalu

A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has outlined the reasons why Nigeria and its African counterparts struggle to achieve economic prosperity.

According to Moghalu, weak governance capacity, lack of foundational philosophical worldview, limited knowledge of public policy framing and execution, and inadequate monitoring and evaluation framework are some of the key factors hindering the creation of prosperity in Nigeria and other African countries.

In a thread of posts via his official X handle on Monday, Moghalu said the region also has low priority on human capital.

He wrote:

1. Foundational philosophical worldview (EVERY prosperous developed country has one).

2. Knowledge of public policy framing and execution.

3. Monitoring and evaluation framework.

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

5. Basic macroeconomic knowledge (as DepGov @cenbank this was obvious from interactions across @NigeriaGov and @nassnigeria ).

6. Strategy and risk management.

7. Understanding of the role of the private sector and the right balance between the state (regulation and policy) and the market.

8. Accountability (in reality) for corruption, thus allowing corruption (which exists everywhere) to become systemic and completely divert away from a true focus of governance on development.

9. Nationhood. Too much atomistic thinking along identity (ethnic and religious) lines. This completely destroys any inclination to objectivity in decision making. In the absence of a true worldview many African countries are “governed” by small views.

10. Low priority on human capital – skilled-educated workforce and healthcare = low economic productivity.