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A new Nigeria on the horizon

19 November 2013, 10:16

Washington - President Goodluck Jonathan’s transformation of key sectors of the economy will produce a new Nigeria in the next five years, the Deputy Governor of Central Bank of Nigeria (CBN)  in charge of Financial System Stability, Dr. Kingsley Moghalu, has said.

Moghalu made the remark during the launch of his book ``Emerging Africa’’ at the Nigeria Embassy in Washington DC.

Moghalu said that the handover of power supply facilities to private organisations would improve electricity supply and reduce the cost of doing business in the country.

According to him, the same development will happen when individuals or private firms finally get involved in the development of the nation's refineries.

“The government has put very strong efforts and has given priority to job creation under the Transformation Agenda and I know that some very good results are already been achieved in this regard.

"I believe that almost a million jobs have been created in Nigeria over the past year alone. That is a very significant achievement but we need to do more, we should never rest on our oars.’’

Moghalu, however, said that job creation was key to Africa’s future while explaining that economic development was interdisciplinary and a multidimensional affair.

The CBN deputy governor said that African countries were on a trajectory, pursuing better quality leadership and that they needed to continue to do so because it was the secret to the future.       
Nigeria’s Ambassador to the U.S., Prof. Ade Adefuye, described the book as a combination of philosophy, law, economics and politics, noting that it brought out the best of the author.

"I agreed to most of his comments and the need for us to take all these principles and concepts and apply it to the peculiar situation that we find ourselves. He also provided some suggestions as the way forward.

"At the same time, he showed that he is optimistic even though he is very realistic. He is very confident about the Nigeria’s future, agreeing particularly with his declaration that once we get the power right; there is no limit to where  Nigeria can be and what Nigeria can achieve.

 "He has combined well his knowledge of all kinds of disciplines and deep understanding and insight of what is happening in Nigeria and Africa. This shows very much in his book," Adefuye said.



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