Recession Will Only End In Nigeria If.. – Moghalu

Former presidential candidate in the 2019 general elections, Kingsley Moghalu, on Monday, noted that only an intellectual and competent leader can transform the economy of Nigeria.

Moghalu stated this while reacting to the report that the country is sliding into another recession.

He noted that the development is not a surprise and the outbreak of Coronavirus should not be an excuse for Nigeria to slide into another recession.

The former presidential candidate made this claims in series of tweets on his Twitter account.

He wrote, “No surprise Nigeria is entering yet another recession. Until Nigeria is led by an intellectually competent leader, with visionary politics backed by sound economic thinking and knowledge, economic transformation will remain a dream. It’s for citizens to do the needful.”

“Covid-19 contributed to our current recession, but is no excuse. Nigeria’s econony has been weak for several years. Was the 2016 recession caused by Covid too? The deeper problems of economic management led to our weak response to the Covid crisis.”

“South Africa’s budgetary fiscal stimulus response to the crisis was $26 billion. Ours was a budgetary provision of N500 billion ($1.3 billion) and a @cenbank intervention of N1 trillion ($3 billion). And only a fraction of our desperately poor households received the 20K disbursements from the money budgeted.”

“Unless we address the problem of our constitutional structure and the leadership selection problem in our politics, Nigeria’s economy simply can’t create prosperity for its citizens, only for a very few with the right political connections for rent-seeking.”

“The few real entrepreneurs who make it do so in spite of, not because of the government.”