Moghalu Proposes Bold Reforms to Stabilize Nigeria’s Economy

Former Deputy Governor of the Central Bank Nigeria (CBN), Kingsley Moghalu, has proposed a series of bold reforms to address Nigeria’s economic challenges and steer the nation towards stability and growth.

Speaking at the 16th Edition of LEADERSHIP Annual Conference and Awards in Abuja, Moghalu outlined key reforms imperative to stabilize Nigeria’s foreign exchange and foster economic resilience.

Moghalu suggested considering a $20-30 billion stabilization package from the IMF, weighing the potential benefits and drawbacks of such a move.

He also emphasized the necessity of forming a full-time, highly professional Economic Advisory Council to offer strategic insights crucial for economic transformation.

In addition to these measures, Moghalu advocated for the strategic sale of government assets to raise funds totaling $18-20 billion, which could be channeled into bolstering foreign reserves.

He stressed the urgency of President Tinubu assembling a proficient economic team dedicated to driving transformative policies.

Moghalu also highlighted the pervasive impact of corruption on Nigeria’s governance landscape and called for concerted efforts to combat corruption and implement robust social security systems aimed at alleviating poverty nationwide.

He urged President Tinubu to overhaul his cabinet and embrace the 24-point private sector Bill of Rights to foster a conducive environment for investment and business growth in Nigeria.

Moghalu emphasized the imperative of strategic thinking and long-term planning to effectively address Nigeria’s economic crisis.

He underscored the need for prioritizing effective governance and meritocracy over corruption, tribalism, and mediocrity to enhance the country’s economic prospects.

As Nigeria grapples with multifaceted economic challenges, Moghalu’s insights serve as a reminder of the urgency for bold and visionary leadership to chart a sustainable path forward.