Wednesday, March 21, 2018 4.00PM / Proshare WebTV
Political economist and Presidential Aspirant for the 2019 general elections, Professor Kingsley Moghalu has advocated “Entrepreneurial Capitalism” as the bedrock for driving Nigeria’s economy.
Professor Kingsley Moghalu asserted this as the guest speaker at the 2018 Bullion Lecture of the Centre for Financial Journalism in Nigeria.
Speaking on the topic “Overcoming Poverty: Secret to the Wealth of Nations”, Moghalu stressed the need for Nigeria to build an economic philosophy that hinges on entrepreneurship.
He asserted that competitive and economically viable nations like US, UK, China, Japan, Malaysia, Singapore have developed robust economic philosophies, that has positioned them on the pathway of shared prosperity.
According to him “The Secret of prosperity does not lie in the marketplace, but the thinking and philosophy that drives it”. Moghalu was of the strong view that the structure of the Nigerian economy must shift to the path of wealth creation, through enterprise development.
Giving further insight on the fundamentals of capitalism, the former Deputy Governor of the Central Bank of Nigeria listed Property rights, Innovation and Capital, as key requirements for a successful capitalist system.
On the issue of tackling poverty in the country, the economist harped on the five (5) preconditions that have to be addressed, which include; A National philosophy guiding the worldview of a nation, Economic philosophy/vision, Science & technology, Economic complexity and Strong Institutions.
He decried the absence of sound economic thinking and philosophy in the economic plans and strategies of the nation, and made a strong case for a shift in political leadership that values sound political-economic philosophy.
In his recommendations apart from advocating entrepreneurial capitalism, Moghalu also called for the following steps to be taken to move the Nigerian economy; Scrapping of the state oil company NNPC and its partial privatization like the LNG, Constitutional repeal of the “Land Use Act”, Deregulation of the Petroleum Dowstream sector and Avoiding further foreign borrowings.
The Chairman of the event Senator Olabiyi Durojaiye, who is also the Chairman of the Nigerian Communications Commission, called for consistency in Nigeria’s economic planning.
Chairman of the CFJ Nigeria Mr Ernest Ebi, MFR described the theme of the 2018 bullion lecture as apt considering the need to interrogate the Nigerian economic system, in other to fashion out a transformational change.