Moghalu vows to step on toes to fix Nigeria’s economy, power if elected President

The presidential candidate of the Young Progressives Party (YPP), Prof. Kingsley Moghalu, has vowed to step on toes of vested interests to ensure that Nigeria’s problems are fixed if elected president.

The former Deputy Governor of the Central Bank of Nigeria (CBN), told Pulse during an interview on Monday, November 19, 2018, that he would not care about vested interests as long as it results in making Nigeria progress as a nation.

The presidential candiate said this while speaking on his plans to fix Nigeria’s economy and the power sector which he said should be performing better with the right kind of leadership.

To fix Nigeria’s economy, he said he’ll ensure that property rights are respected and that the country’s economy will have to become more innovation-driven. He added that his government will also establish a N1 trillion venture capital fund to help Nigerians run their businesses more efficiently and profitably.

He called for the abolishment of the Land Use Act and promised to get rid of Nigeria’s dependency on oil.

He said, “My plan for fixing Nigeria’s economy is a very fundamental plan. It is not a plan at the level of economically-illiterate politicians making noise. It’s a plan that understands the secrets of creating the wealth of nation. It’s a plan that understands the secrets of running a succesful capitalist economy which is that you must have three conditions.

“Number one is that property rights must be respected. We don’t have full respect for property rights in our economy today because the state owns all the land because of the Land Use Act. That has to be abolished. We must set land free; ownership of land must be set free because land is a major factor in economics.

“Property rights include intellectual property – we don’t see respect for that in Nigeria. When you go on the street and you find pirated videos and pirated books and all that, it means that people are losing money for the value of their intelligence. They’re not getting economic rent on it.

“Number two is innovation. I will move Nigeria towards an innovation-driven economy and move it away from oil which I’ve always called the worship of the god of small things.

“What drives economies in the western world and in Asia is innovation; people are producing and inventing new things that are economically useful. Those things are being mass-produced and pipelined into markets. The inventor, middleman, wholesaler and retailer are making money.

“Meanwhile, we have a lot of young people in this country who are inventing things. You just see them in the newspaper, everybody will clap for them but they’re not making any money from their inventions. Terrible.

“Finally, capital. My government will establish a N1 trillion venture capital fund. That venture capital fund will finance new businesses. The fund will co-own the business with you and you just split the profit for some years until they cash out after you’ve made enough profit. Do you know what that would do for the Nigerian economy?

“The capital for this venture capital fund would be N500 billion from my government, as president, and N500 billion from the private sector


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