African nations are incapable of achieving wealth, as elucidated by Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN).
According to Moghalu, Nigeria and other African nations lack basic philosophical worldviews, expertise in the formulation and implementation of public policies, and frameworks for monitoring and evaluation, among other areas of weak governance.
He wrote on X, “Weak governance capacity is the reason African countries are unable to create prosperity.” Lack 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.”
