Kingsley Moghalu

Former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, says he truly feels for the millions of genuine entrepreneurs in Nigeria, saying they operate in a difficult business environment.

Moghalu said the nation’s business environment is difficult largely because of insecurity and bad governance.

In a post on his X handle on Tuesday, the former CBN deputy governor noted that with an entitlement mindset, politicians simply can’t create a prosperous economy.

He said: “I truly feel for the millions of genuine entrepreneurs, small and big, in Nigeria, who are trying to make an honest living and create wealth. But the business environment is so difficult, largely because of insecurity and bad governance.

“Politicians with an entitlement mindset simply can’t create a prosperous economy. Because they can’t fix the root causes of our problems: no education, hence 20 million out of school children (the highest ratio in the world), hence no jobs, hence no security. No electricity, hence no productivity.”