Lawrence Nwimo, Awka
Economic expert and former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has urged the Federal Government to consider reforms that would address Nigeria’s economic woes.
Prof Moghalu said the political structure of the country was responsible for the poor growth of the nation’s economy.
He also said the over-reliance of states on the Federal Government for resources for the development of the regions and other sectors was stalling the economic growth of the country.
Prof Moghalu said this Thursday while delivering keynote speech at the Ikengaonline Monthly Town Hall Meeting entitled: “Improving Regional Economy in the Homestead.”
According to the erudite professor, “the existing political and constitutional arrangement in the country has hampered the economic development of the regions that make up the country.”
He also said the existing traditional educational system has failed the country with successive leaders ignoring the need to make the necessary systemic changes that will introduce new dimension to learning in the country.
The former CBN Deputy boss said that the country needed to redesign its educational system to create wealth for the teeming population of vibrant Nigerian youths especially in the area of technology which he said “is propelling economic growth in the Western world.”
On the need for a constitutional restructuring of the country, the economic expert who said he was one of the proponents of a regional approach to the restructuring, noted that “it is more convenient considering the economies of scale obtainable in such arrangement.”
He, however, encouraged the next President of the country to use his convening power to establish a new political system that would liberate the economic potential of regions in Nigeria.
He also encouraged the new leadership to consider a consensus mobilisation and a dialogue approach that cut across different sectors of the country which according to him, will be the essential beginning for the constitutional restructuring discussion of the country.