Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    LASU Dismisses Senior Lecturers For Misconduct

    July 6, 2025

    Nigerians Should Be Patient, Things Will Be Better Soon – Wike

    July 6, 2025

    Ex- Arsenal Star, Thomas Partey Charged With Rape

    July 4, 2025
    Facebook X (Twitter) Instagram
    Trending
    • LASU Dismisses Senior Lecturers For Misconduct
    • Nigerians Should Be Patient, Things Will Be Better Soon – Wike
    • Ex- Arsenal Star, Thomas Partey Charged With Rape
    • Verghis Takes Over As World Bank Country Director For Nigeria
    • Court Orders Senate To Recall Natasha From Suspension
    • Why Peter Obi Should Be ADC’s Presidential Candidate – Datti
    • ADC: Coalition Leaders Are Gangs Of Failed And Expired Politicians – Wike
    • Sanwo-Olu Mourns As Super Eagles Legend, Peter Rufai Dies At 61
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Sunday, July 6
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » Move Beyond GDP Obsession, Invest In Microfinance – Moghalu
    2 Mins ReadAugust 17, 2024

    Move Beyond GDP Obsession, Invest In Microfinance – Moghalu

    By Samuel AkpenpuunAugust 17, 2024No Comments2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Former presidential candidate and economist, Kingsley Moghalu has faulted direct funding of Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs) by the Central Bank of Nigeria (CBN).

    In a statement on Saturday via X, Moghalu argued that pipeline capital should rather be given through microfinance banks.

    He also criticised Africa’s emphasis on Gross Domestic Product growth, describing it as a “misguided worship”.

    Moghalu outlined five key pillars essential for Africa’s development and called for a shift towards a more comprehensive approach to development.

    According to him, Africa must focus on turning scientific advancements into commercially viable products that can drive economic growth.

    “The first business of African development is developing an endogenous mindset (worldview) of African development. Second: a strategy for overcoming poverty anchored on effective education and skills for productivity. Third: ensure the availability of electric power infrastructure.”

    “Second: a strategy for overcoming poverty anchored on effective education and skills. Some are called to create wealth, others to create ideas and entertainment, others to lead, and yet others to serve. Some will be famous, others relatively unknown. But to be happy and content (while able to take care of oneself and family) is the greatest gift of all.

    “Third: ensure the availability of electric power infrastructure.”

    According to him, the fourth pillar involves channelling scientific inventions and innovations into the marketplace through mass production.

    He said, “Fourth: channel scientific inventions and innovations into the marketplace through mass production.

    “Fifth: ensure access to what I call ‘pipeline capital’ to the bottom of the pyramid – SMEs, MSMEs etc at affordable interest rates through microfinance banks (task for central banks, but not central banks themselves directly funding -no!).”

    Author

    • Samuel Akpenpuun
      Samuel Akpenpuun

      View all posts
    CBN Kingsley Moghalu MSMEs SMEs
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Samuel Akpenpuun

    Related Posts

    Banking & Finance

    Verghis Takes Over As World Bank Country Director For Nigeria

    July 4, 2025
    Banking & Finance

    FirstBank Launches Advanced Facial Recognition On Mobile App

    June 30, 2025
    Breaking News

    Tinubu Signs Four Landmark Tax Reform Bills Into Law

    June 26, 2025
    Breaking News

    Multichoice Slashes DStv Decoder Price By 50 Percent

    June 25, 2025
    Aviation

    FCCPC Invites Air Peace Over Failure To Refund Fares For Canceled Flights

    June 16, 2025
    Business

    May & Baker Posts N28.9bn Revenue, N1.6bn PAT

    June 6, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    LASU Dismisses Senior Lecturers For Misconduct

    July 6, 2025

    Nigerians Should Be Patient, Things Will Be Better Soon – Wike

    July 6, 2025

    Ex- Arsenal Star, Thomas Partey Charged With Rape

    July 4, 2025

    Verghis Takes Over As World Bank Country Director For Nigeria

    July 4, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.