Former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu, has raised alarm over growing extreme wealth inequality in Africa, warning that most governments on the continent are failing to think strategically about the long-term consequences.
In a post shared via his official X (formerly Twitter) account, Moghalu lamented that “just four African billionaires own more wealth than 50% of Africa’s population,” a situation he described as deeply troubling.
He criticised African leaders and citizens for celebrating billionaires while neglecting the need to design inclusive policy frameworks that empower ordinary people to build sustainable livelihoods and wealth.
“Capitalism aligns with human nature and has outperformed communism,” Moghalu stated. “But efficient markets don’t exist in a vacuum — they require effective public and regulatory policy. There’s nothing like a perfectly free market.”
Referencing economist Adam Smith’s famous “invisible hand,” Moghalu stressed that markets only function optimally when guided by competent state policies. Without such intervention, he warned, African nations risk becoming entrenched in crony capitalism — systems where a wealthy elite thrives while the vast majority remain poor.
He urged governments to emulate countries like Japan, South Korea, Singapore, and Taiwan, where strong, visionary governance played a key role in building inclusive, thriving economies.
“Nigeria can become the first truly successful African capitalist state,” Moghalu said. “But this will require a competent government committed to creating opportunity and ensuring market fairness. The welfare and security of citizens is the foundational duty of government.”
Moghalu’s comments have reignited conversations around wealth distribution, capitalism, and state responsibility in shaping Africa’s economic future.
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