A former Deputy Governor of the Central Bank of Nigeria, (CBN), and Presidential aspirant, Kingsley Moghalu, has elaborated on why African countries can’t create prosperity.
The economist in a lengthy post via his official Twitter (X) page, said the nations in Africa have weak governance capacity and including foundational philosophical worldview.
He also said that lack of knowledge on public policy framing and execution, Monitoring and evaluation framework, are other reasons countries like Nigeria will struggle to progress.
Moghalu wrote: Why African countries can’t create prosperity: weak governance capacity. Absence of:
1 Foundational philosophical worldview (EVERY prosperous developed country has one).
2 Knowledge of public policy framing and execution.
3 Monitoring and evaluation framework.
4 Decision Science (data-based policy making).
5 Basic macroeconomic knowledge (as DepGov @cenbank this was obvious from interactions across @NigeriaGov and @nassnigeria ).
6 Strategy and risk management.
7 Understanding of the role of the private sector and the right balance between the state (regulation and policy) and the market.
8 Accountability (in reality) for corruption, thus allowing corruption (which exists everywhere) to become systemic and completely divert away from a true focus of governance on development.
9 Nationhood. Too much atomistic thinking along identity (ethnic and religious) lines. This completely destroys any inclination to objectivity in decision making. In the absence of a true worldview many African countries are “governed” by small views.
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