Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), has expressed profound empathy for entrepreneurs in Nigeria, highlighting the severe difficulties they face within the nation’s challenging business environment.
Moghalu’s comments, shared via a social media post on Tuesday, underscore the systemic issues that he believes are hindering economic prosperity in the country.
In his post on X (formerly Twitter), Moghalu conveyed his deep concern for both small and large entrepreneurs struggling to thrive in Nigeria.
He attributed the adverse business climate to pervasive insecurity and ineffective governance, which he claims are undermining the potential for economic success.
“The business environment is so difficult, largely because of insecurity and bad governance,” Moghalu stated.
“Politicians with an entitlement mindset simply can’t create a prosperous economy.
“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’s critique reflects broader concerns about Nigeria’s economic and social challenges.
The country has long struggled with issues such as inadequate infrastructure, high unemployment rates, and persistent security concerns.
These factors contribute to an environment that is often perceived as inhospitable to business and economic growth.
Insecurity remains a significant impediment to business operations in Nigeria. From frequent kidnappings to violent clashes between various groups, the security situation creates an unstable environment for entrepreneurs and investors.
Moghalu suggests that these security issues are symptoms of deeper governance failures.
Additionally, Moghalu points to a critical gap in education. With 20 million children out of school, Nigeria faces one of the highest rates of educational exclusion globally.
This lack of education not only limits the development of human capital but also perpetuates cycles of poverty and unemployment.
The persistent issue of unreliable electricity supply is another major barrier to productivity and economic development in Nigeria.
Frequent power outages and inadequate infrastructure stymie the ability of businesses to operate efficiently and grow, exacerbating the already difficult conditions faced by entrepreneurs.
Moghalu’s comments also touch on criticisms of Nigeria’s political leadership. He argues that the current political elite, driven by an “entitlement mindset,” lacks the necessary vision and capability to address these systemic issues.
According to Moghalu, effective economic policy and governance require addressing the fundamental problems—education, security, and infrastructure—that continue to plague Nigeria.
Despite these challenges, Nigeria is home to a vibrant and resilient entrepreneurial community.
Entrepreneurs across the country are working tirelessly to create opportunities and drive economic growth, even in the face of significant obstacles.
Moghalu’s empathy for these entrepreneurs reflects a broader recognition of their efforts and the need for supportive policies and improvements in the business environment.
