Nigeria Needs a New Constitution to Fix the Economy
A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, told President Bola Tinubu that economic changes alone would not fix the economy of Nigeria.
Moghalu was very unimpressed by the response of Tinubu to the group, The Patriots, asking for a new constitution. He said he was going to review their suggestions but on the economic front, he was rather going to look at reforms first. Moghalu thinks this is the wrong approach.
According to Moghalu, the 1999 constitution that has been in use by Nigeria will not be sufficient to ensure economic freedom for the country. What is missing in the constitution, he continues, is fiscal federalism and without it, they can't have economic stability or growth. Without it, Nigeria will keep fighting with its economy.
On the same note, he said that firm unity does not exist in Nigeria. What is needed, he feels, is a new constitution in a regional nature so that unity can help the economy grow. Moghalu thinks that the country's leaders only care about their political power and do not care about fixing the economy. I completely agree with him.
According to Moghalu, political troubles that will delay the new constitution will simply make the economic problems persist for a longer time. He believes that the present system is driving an economy that thrives on natural resources and is unproductive. It is therefore devoid of unity and a clear goal-some ingredients that are quite important to drive growth.
Moghalu believes that fixing Nigeria's economy will require a new constitution to effectively work. Absent this constitution, economic reforms may amount to very little. This is sad but I believe it's the truth.
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