Moghalu Says Dangote Refinery Drama Dims Nigeria’s Economic Prospects

Following the revelations and intrigues generated by the impasse over crude supply to Dangote Refinery, former presidential candidate of Young Progressive Party (YPP), Prof Kingsley Moghalu, has said Nigeria has little economic prospects in the immediate future.

He, however, said the prospects will improve when more selfless and competent leaders arrive on the social, political and economic scenes.

President of Dangote Group, Aliko Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) alongside Nigeria National Petroleum Company Limited (NNPCL), were locked in a messy dispute, ranging from monopoly allegations to supply of crude the refinery, substandard fuel imports and ownership of blending plants in Malta.

Moghalu, a former deputy governor of Central Bank of NIgeria (CBN), said it is deeply unfortunate that Nigeria has been experiencing economic failure due to loyalties to vested interests and unholy ties between “business” and government.

The political economist said  the impasse over the refinery would make investors and potential investors see Nigeria as a truly risky business environment.

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Reacting to the unfolding event on his X handle, Moghalu said, “The @nnpclimited v @AlikoDangote saga is a sad tale of how successive governments of Nigeria have failed to create a real economy that generates wealth for its citizens. Our economy might work only for a very few who get rich while Nigerians continually get poorer. #Rentseeking

“The economic failure of Nigeria’s leaders because of loyalties to vested interests and unholy ties between “business” and government is deeply unfortunate. @NigeriaGov is, and has been unable, either to stimulate through effect economic policy a set of strategic oligopolies across sectors under which smaller businesses and supply chains thrive, making up a successful national economy as in South Korea. Neither has the government, on the other hand, been able to create a truly competitive, level playing field for business in Nigeria so that wealth creation can be more democratic. So it’s just failure, corruption and incompetence all around. Instead we are regaled with sensational accusations on all sides when sweetheart deals go sour for reasons that actually lie outside the immediate subject of dispute.im

“Meanwhile, what will investors and potential investors think of all this? That Nigeria is a truly risky business environment, that’s all. Until our more selfless and competent leaders arrive on the scene, I am afraid our country’s economy has little real prospects in the immediate future,” he said.