Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN) has said Nigeria\u2019s economy only works for the rich and not for the poor citizens.<\/p>\n
Moghalu said the issue between the president of Dangote Group -Aliko Dangote and Nigeria National Petroleum Company Limited (NNPCL), as it concerns Dangote Refinery, showed the government\u2019s inability to create an economy that works for the citizens.<\/p>\n
Moghalu said unholy ties and vested interests between government and businesses were responsible for economic failures in the country.<\/p>\n
In a statement on Wednesday, on his X handle, Moghalu said, \u201cThe NNPCL and Aliko Dangote saga is a sad tale of how successive governments of Nigeria have failed to create a real economy that generates wealth for its citizens. \u2018\u2019Our economy works only for a very few who get rich while Nigerians continually get poorer.\u2019\u2019<\/p>\n
\u201cThe economic failure of Nigeria\u2019s leaders because of loyalties to vested interests and unholy ties between \u201cbusiness\u201d and government is deeply unfortunate.<\/p>\n
\u201cNigeria government is, and has been unable, 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.<\/p>\n
\u201cNeither has the government, on the other hand, been able to create a truly competitive, level playing field for business in Nigeria so that wealth creation can be more democratic. So it\u2019s just failure, corruption and incompetence all around.<\/p>\n
\u201cInstead, we are regaled with sensational accusations on all sides when sweetheart deals go sour for reasons that actually lie outside the immediate subject of dispute.\u201d<\/p>\n
The President of Institute for Governance and Economic Transformation, Africa said foreign investors would interpret Nigeria\u2019s business environment as risky because of the issues surrounding Dangote Refinery.<\/p>\n
He added that unless patriotic leaders take over Nigeria\u2019s leadership, the country may not make economic progress in the future.<\/p>\n
\u201cMeanwhile, what will investors and potential investors think of all this? That Nigeria is a truly risky business environment, that\u2019s all. Until our more selfless and competent leaders arrive on the scene, I am afraid our country\u2019s economy has little real prospects in the immediate future,\u201d Moghalu added.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN) has said Nigeria\u2019s economy only works for the rich and not for the poor citizens. Moghalu said the issue between the president of Dangote Group -Aliko Dangote and Nigeria National Petroleum Company Limited (NNPCL), as it concerns Dangote Refinery, showed the government\u2019s inability […]<\/p>\n","protected":false},"author":16,"featured_media":40408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[529,505],"class_list":["post-40407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","tag-dangote","tag-nnpcl"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=40407"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40407\/revisions"}],"predecessor-version":[{"id":40412,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/40407\/revisions\/40412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/40408"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=40407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=40407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=40407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}