Why Poor Nigerians Are Not Creating Wealth – Mogalu

By Jonas Happy

“The poor cannot borrow from banks, so they cannot create their own wealth” professor Kingsley Mogalu said on television.

Mogalu is a former Deputy Governor of the Central Bank and a presidential candidate of one of the numerous political party platforms that the Independent National Electoral Commission, INEC, registered.

Mogalu said that as a result of the kind of banking system that Nigeria operates, the poor “cannot create their own wealth.”

Lashing out at the nation’s existing system he said capitalism strives on innovation and the urge to put togther resources, both human and material to create wealth

Mogalu revealed that Nigeria is gradually moving in the direction of an economic depression, saying signs that the country is walking the wrong path are everywhere.

He said that Nigerians would have to prepare for more difficult times ahead due the challenges facing the economy.

Mogalu observed that the present administration needs the understanding and cooperation of ordinary Nigerians in order to steer the ship of state in a  direction that would stimulate growth.

Emphasizing the place of innovative reasoning in a capitalist system and the need to initiate mechanisms that drive business,the former CBN Deputy Governor stressed that people have to be encouraged to invest in their own economy in order to raise the level of economic reconstruction, recovery and growth.