Ex-CBN chief canvasses N500bn national venture capital fund

A former Deputy Governor of the Central Bank of Nigeria, Prof.
Kingsley Moghalu, has called for the creation of a N500bn Venture
Capital Fund to support entrepreneurship so as to boost the
Nigerian economy.

He spoke at the inaugural summit of the Kingsley Moghalu Youth
Initiative Summit held at the Aminu Kano Centre for Democratic
Research and Development.

Moghalu, who is the founder of the Institute for Governance and
Economic Transformation, emphasised the importance of support and
funding for the Small and Medium-scale Enterprises, thereby
creating a platform for innovation and creativity that could impact
the economy.

“Nigeria cannot keep investing in meaningless policies and
economic diversification that cannot be sustained; to boost real
growth and GDP that reflects a productive economy, the leaders can
change the lives of the average Nigerian by investing in ideas and
projects that are productive and can create jobs for others,” he
said.

In a statement, the former CBN chief was quoted as saying that
the venture capital fund had to be independent, and should be
managed through a public-private partnership.

“Such fund has to be kept away from politics, and should not be
subjected to the federal character or else the initiative is going
to fail. Investment through the fund should be based on merit and
business ideas can compete globally and boost the economy,” he
explained.

While calling for Nigerian youths to get involved the 2019
elections by obtaining their permanent voters card, Moghalu
denounced the slow rate of socio-economic development and rising
debt profile of the country.

A former Deputy Governor of the Central Bank of Nigeria, Prof.
Kingsley Moghalu, has called for the creation of a N500bn Venture
Capital Fund to support entrepreneurship so as to boost the
Nigerian economy.

He spoke at the inaugural summit of the Kingsley Moghalu Youth
Initiative Summit held at the Aminu Kano Centre for Democratic
Research and Development.

Moghalu, who is the founder of the Institute for Governance and
Economic Transformation, emphasised the importance of support and
funding for the Small and Medium-scale Enterprises, thereby
creating a platform for innovation and creativity that could impact
the economy.

“Nigeria cannot keep investing in meaningless policies and
economic diversification that cannot be sustained; to boost real
growth and GDP that reflects a productive economy, the leaders can
change the lives of the average Nigerian by investing in ideas and
projects that are productive and can create jobs for others,” he
said.

In a statement, the former CBN chief was quoted as saying that
the venture capital fund had to be independent, and should be
managed through a public-private partnership.

“Such fund has to be kept away from politics, and should not be
subjected to the federal character or else the initiative is going
to fail. Investment through the fund should be based on merit and
business ideas can compete globally and boost the economy,” he
explained.

While calling for Nigerian youths to get involved the 2019
elections by obtaining their permanent voters card, Moghalu
denounced the slow rate of socio-economic development and rising
debt profile of the country.