CurrentReport Blog Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has expressed deep sympathy for the millions of genuine entrepreneurs in Nigeria who struggle to operate in a challenging business environment. In a recent post on his X handle, Moghalu attributed the difficulties faced by Nigerian entrepreneurs to insecurity and bad governance.
Key Challenges Identified
Moghalu pointed out that the country’s business environment is severely hampered by two main factors:
- Insecurity: The prevalence of insecurity across the nation has created an unstable environment, making it hard for businesses to thrive.
- Bad Governance: Poor governance has led to a lack of essential services and infrastructure, further complicating the business landscape.
Impact of Politicians’ Entitlement Mindset
Moghalu criticized the entitlement mindset of many Nigerian politicians, arguing that this attitude prevents them from addressing the root causes of the country’s economic problems. He emphasized that without significant improvements in key areas, the economy cannot prosper.
“Politicians with an entitlement mindset simply can’t create a prosperous economy. Because they can’t fix the root causes of our problems: no education, hence 20 million out-of-school children (the highest ratio in the world), hence no jobs, hence no security. No electricity, hence no productivity,” Moghalu stated.
The Way Forward
To build a thriving economy, Moghalu suggests a focus on solving fundamental issues:
- Education: Addressing the high number of out-of-school children to improve job prospects and security.
- Electricity: Enhancing electricity supply to boost productivity.
