Nigeria Has Been Mismanaged – Moghalu Laments

A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has submitted that Nigeria has been mismanaged economically.

Moghalu lamented that Nigeria has so much potential but the mismanagement by the leaders of the country is the undoing of the nation.

The former presidential candidate of the African Democratic Congress (ADC) added that the mismanagement of the country is why the foreign direct investment (FDI) into the country is at its lowest level in nine years.

He added that if he were to be a foreign investor as well, he would be scared to invest in Nigeria at the moment.

Taking to his Twitter page, he wrote on Thursday: “It is not surprising that Foreign Direct Investment (FDI) into Nigeria is down to the lowest levels in 9 years. If I was a foreign investor I would be very scared to invest in a country with so much potential but which has been so mismanaged economically.”

It is not surprising that Foreign Direct Investment (FDI) into Nigeria is down to the lowest levels in 9 years. If I was a foreign investor I would be very scared to invest in a country with so much potential but which has been so mismanaged economically.

— Kingsley Moghalu OON (@MoghaluKingsley) April 6, 2023

Meanwhile, some weeks back, Moghalu said the CBN has been turned into a political football.

In a series of tweets via his Twitter account, Moghalu said the CBN as an institution that is meant to be operationally independent has become politicized.

Moghalu said the purpose of using the apex bank to end vote buying in the 2023 general elections was to politicize the institution and make it susceptible to controversy.

The former presidential aspirant asserted that turning the CBN into a political football was a big mistake and a strong indicator of state failure.

He added that Nigerians have suffered terribly and experienced economic loss as a result of the faulty implementation of the Naira redesign policy of the apex bank.