Professor Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN) and 2023 presidential aspirant on the platform of the African Democratic Congress (ADC), has expressed concerns over shrinking governance that has plunged Nigeria into deep socio-economic crises and unprecedented hardship in the country. Moghalu hosting a world press conference in Abuja on Wednesday identified multiple crises of leadership that are threatening to cause a general breakdown of the country’s socio-economic order, which has been degenerative as a result of the misgovernance of the past years, at a time of global geopolitical tension and economic instability.
The issues for deliberated included the rising inflation in Nigeria and its impact on the welfare of the people; unabating insecurity, featuring shrinking governed spaces and expanding ungoverned spaces; high unemployment, made more worrisome by youth unemployment rate of over 40%; and the continuing weakening of the education system, currently highlighted by the resumption of strike by the Academic Staff Union of Universities (ASUU).
He also noted that the invasion of Ukraine by Russia is a geopolitical risk of a mammoth proportion in the international arena. “Beyond its impact on the domestic energy price through higher landing cost of Premium Motor Spirit (petrol), the war in Ukraine can destabilise global markets and world peace,” Moghalu stated, as he addressed a world press conference.