Although Africa claims seven of the world’s 10 fastest-growing economies, Nigerian author Kingsley Chiedu Moghalu warns in his latest book against “the sort of irrational exuberance displayed by bankers and markets, which led to global financial crisis and recession.”
Moghalu’s book, “Emerging Africa: How the Global Economy’s ‘Last Frontier’ Can Prosper and Matter,” (Bookcraft, 2013) examines Nigeria as a case study of Africa’s problems and potential, according to a report in All Africa.
This book, he writes, will “rain on your parade” if you believe “that the end of poverty and underdevelopment in Africa is imminent and that the continent is on the verge of an immediate breakthrough as a major global economic player.”
After a career that included 17 years at the U.N., Moghalu returned to Africa with his wife and family to become a deputy governor of Central Bank of Nigeria; an opportunity, he said, to contribute the transformation of Africa on the ground.
The 414-page book, described in All Africa as “part intellectual interrogation of philosophical, political and economic models, part analysis and part storytelling” was written in the wee hours before long days at the bank.
With 170 million people, vast oil wealth and 6 percent-plus projected growth this year, Nigeria is booming, but it also has some of the world’s worst health problems, including malaria, poor nutrition and mother-and-child death rates. It also imports more than $11 billion worth of food, the report says.
Nigeria relies on oil for more than 80 percent of its revenue. When the price of oil crashed, it affected the banks negatively, Moghalu said in an interview in All Africa.
The government implemented a series of reforms to reposition Nigeria’s banking system, and it’s in those reforms that the lessons lie, he said.