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Running for president as CBN governor will erode investor confidence- Moghalu

Kingsley Moghalu, a presidential candidate of the African Democratic Congress (ADC), stated on Wednesday that running for president while serving as governor of the Central Bank of Nigeria (CBN) will undermine investor confidence in the central bank.

This was stated by former CBN Deputy Governor Moghalu during an interview.

He faulted Godwin Emefiele, the governor of the Central Bank of Nigeria, for remaining in office while pursuing a presidential bid on the platform of the ruling All Progressives Congress (APC).

“I wouldn’t be running for President if I was a sitting central bank governor,” the political economist declared. “That is one of the things that is creating a problem for the Nigerian economy.

“Investors will have no confidence if an institution that is supposed to be impartial, apolitical whether in regard to the markets or in regard to the government, is seen otherwise.

“I will not lend the government of Nigeria N18 trillion breaking every law that exists in the book. There are many things I will do differently and therefore, we will likely have a better economy.”

Moghalu also promised to create jobs for the teeming unemployed youths if elected as Nigeria’s President.

When asked what the current unemployment rate was, he put the index at about 33 per cent, describing it as one of the highest in the world.

On how he plans to create jobs, the presidential hopeful said he would create a N1 trillion venture capital fund that would provide temporary unemployment support to young Nigerian graduates, provided they undergo skilled training.

“This venture capital fund will give young people funds to start a new business based on their skills,” he explained.

“The government will invest in the fund, private sector people will also invest in it; everybody in Nigeria does not need N5 million to start a new business.”

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