Nigerian Central Bank Official Takes On Development Dogma


On a sun-soaked mid-August morning in the American capital – when attracting even a small gathering to a serious discussion of international economic affairs is considered near impossible – an overflow crowd squeezed into a 120-seat auditorium at the Woodrow Wilson International Center for Scholars.

The draw was Kingsley Chiedu Moghalu, Deputy Governor of the Central Bank of Nigeria, talking about Africa as the global economy’s ‘last frontier’. In an often provocative presentation, he contended that both those who see no prospect for African prosperity and those who want to celebrate Africa as a continent that has ‘arrived’ on the global stage are wrong.

Acknowledging that Africa has several of the world’s fastest growing economies – often cited by Africa champions as a sign of ‘Africa rising’ – Moghalu argues that economic growth based on cyclical and unsustainable extractive industries and commodity sales conveys “a false sense of arrival”.


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