The former CBN deputy governor Kingsley Moghalu, has revealed the category of persons sinking the nation into more poverty on his opinion he thinks Nigeria is not doing well economically.
Moghalu, on his Twitter page disclosed that politicians are the culprits behind Nigeria’s economic bankruptcy and the nation lacks working institutions that will create the opportunity for wealth creation for the citizens.
The former CBN chief claimed that about 90 million Nigerians live in poverty and that the country is economically bankrupt because some persons in power are engaged in what he referred to as grand fraud.
He said: “90 million Nigerians live in extreme poverty and the country is essentially bankrupt not because we don’t have brilliant economists, but because our politics and leadership are a grand fraud. Prosperity requires nationhood, first, followed by strong, effective institutions.
“Without strong political institutions, we can’t have strong economic institutions that can set up an equal opportunity for wealth creation. If we don’t restructure a big, diverse country constitutionally back to real federalism, Nigeria can neither be stable nor prosper.”
Moghalu noted that for developing nations like Nigeria to experience a massive economic breakthrough, they must understand the relationship between politics and economics.