Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has predicted that Nigeria will struggle economically in the next three to four years.
Making this forecast in a post via his official X handle on Monday, Moghalu suggested that an adequate and reliable power supply is critical to many economic challenges currently bedevilling the country.
“Just finished briefing some global institutional-investor clients this morning on Nigeria. A mixed bag, frankly. In the best of scenarios, the next step 3 to four years will be difficult for Nigeria economically. But if we can get electricity generation up to 20,000 megawatts, the economy will take off. Adequate and reliable power supply holds the key to many of the economy’s problems, even the Naira,” Moghalu said.
His comment comes as Nigerians continue to suffer the brunt of the decision of President Bola Tinubu to immediately remove fuel subsidy upon assumption of office as the country’s president.
The president’s decision had triggered an unprecedented rise in the pump price of fuel from N189 per litre to over N600.
The development had caused an unprecedented hike in the price of transportation and other vital commodities, including food items.