President & Vice-Chancellor of African School of Governance (ASG), Kingsley Moghalu, said, governments of African countries are not “deep thinkers”, as well as, not making the right moves on the “challenge” of why only “4 African billionaires own more wealth than 50% of Africa’s population”.
Instead of celebrating billionaires like, the “Elumelus, the Dangotes and the Motsepes”, they should create “policy environments” that will help ordinary Africans establish their own “livelihoods and wealth”.
Moghalu wrote on X: “Governments of African countries, and African people, are not thinking deeply enough and taking strategic action on the challenge of why just 4 African billionaires own more wealth than 50% of Africa’s population. We are busy celebrating the billionaires instead of creating
“policy environments that enable ordinary Africans create their own livelihoods and wealth even at much lesser levels that the Elumelus, the Dangotes and the Motsepes. That’s what serious governments do. The welfare and security of citizens is the foundational duty of government.
“There’s nothing like a perfectly free market. The so-called “invisible hand” that Adam Smith theorized about is not quite so. Capitalism is good, and is successful because it fits with human nature. That’s why communism failed. But efficient markets can’t exist without effective
“public and regulatory policy. The state can’t become the market, but its role in creating and shaping markets is critical. Competent thinking and policy is essential. That’s how Japan, South Korea, Singapore and Taiwan rose. Else we simply create crony capitalist societies in
“which a few are extremely wealthy while the vast majority are poor. Nigeria has potential to change this and become the first example of a truly successful African capitalist country with a competent state creating opportunities & regulating markets properly.”
