Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, has suggested to President Bola Tinubu, that a cabinet reshuffle could help regain investor trust in Nigeria and enhance economic conditions.
He further suggested that President Tinubu establish a dedicated Economic Advisory Council to provide guidance on more effective economic management.
Moghalu said, “To restore confidence, President Tinubu needs to reshuffle his cabinet because one of the reasons that investor confidence disappeared was when the process of appointing his cabinet, it was too slow, and then when it made the announcement, it was largely very political type of cabinet, and investors were hoping for something more technocratic to deal with the crisis at hand.”
On Nigeria’s economic stability, he said, “The real solution to our economic crisis is to first and foremost study what brought us here, and if we fix the problems, the habits, the incompetences, the lack of will that brought us to where we are, then we have fixed the crisis and we have actually prepared the way forward Nigeria’s economy so that we don’t keep lurching from crisis to crisis. which is what we do.
“I recommend the formation of a full time Economic Advisory Council for the president made up of seven economics. I was very specific, and I specified the disciplines in economics that those persons must be specialists in.
“And I talked about fiscal policy, industrial policy, trade policy, business economics, labour economics, agricultural economics, development economics, and political economics. It is the combination of these disciplines that form an economy.
“So, when you are being advised by an economic advisory council, it should have the capacity internally to take a full spectrum approach to the economy. And such a council should address the question of how we structurally diversify our economy away from dependence on oil or agriculture or any one particular thing.”
