Moghalu decries Nigeria’s continued dependence on oil

Prof. Kingsley Moghalu, the presidential candidate for the Young Progressives Party in the 2019 presidential election, has expressed concern about the nation’s reliance on oil as a major source of revenue generation.
Moghalu recommended technology and innovation as alternatives, citing the examples of developed countries.
He stated this in Abuja at the 10th Nigeria Meritorious Service Award and Nigeria Political Achievers Award organised by the Federation of West African Freelance Journalists Association.
The event, which ended late on Friday night, was organised to honour some Nigerians who distinguished themselves in politics and other fields.
Moghalu, a former Deputy Governor of the Central Bank of Nigeria, said that oil belonged to “the distant age; the world today is of technology, innovation and science”.
According to him, the country needs a government that will give youths a sense of purpose and employment to achieve their destinies.
“In the future, we don’t have to continue the political system the way it has always been,” Moghalu said.
He observed that political leaders should be judged by their achievements in office in terms of job creation and economic growth.
“To have the desired change in the country, every Nigerian most change the way they think and act,” he advised.
He also advised that the CBN ought to be truly independent to ensure enhanced performance.
According to him, when independent institutions such as the CBN gets directives that may serve transient political purpose, the long term effect may not be the best for the country.