President Jonathan will be gearing up for the replacement of Sanusi Lamido Sanusi, Executive Governor of Central Bank of Nigeria (CBN) in next ten months, when Sanusi term in the office ends in 2014. From all indication it appears that Sanusi is not seeking for another term. The process for his replacement is slowly and gradually intensifying as many candidates are emerging but at the moment no vetting or serious consideration has been given to any candidate. The position is wide open and any qualify candidate can grab the prestigious but demanding position.
The next CBN governor must be an excellent student of pragmatic economics. This is not to say that theoretical economics must be wholly rejected but a dose of reality is needed within the context of the country’s economy. An economy that is not sufficiently industrial but rather powered by natural resources.
Head of the country’s reserve bank must be proficient and skillful in the understanding of macro-economics, especially on employment and price stability. An expert of money currency and capital markets becomes necessary to avoid unnecessary devaluation of naira by maintaining a stable currency and integrity of naira as a stabilized currency.
The next CBN governor must be an inflation hawk that can effectively apply monetary policy to keep inflation rate below 10 percent. An inflation rate below 5 percent may be the best for bountiful and sustainable economic growth. The high interest rate at above 12 percent will eventually dampen economic growth; the new boss at CBN must work feverishly around the clock to lower the interest rate. A high interest rate becomes a barrier to borrowing by business community and this may contribute to lower economic productivity.
“Nigerian heads of Federal Reserve Bank especially Soludo and Sanusi have made some tangible reforms including banking consolidation and banks re-capitalization respectively that have enhanced the financial integrity of our country and the next CBN boss should not deviate from the outlined pathway,” as noted by Emeka Chiakwelu, Principal Policy Strategist at AFRIPOL.
The below mentioned technocrats are those who can successfully do the job, if President Jonathan decides to appoint any one of them to replace the out-going Sanusi:
Dr. Kingsley Moghalu: Deputy Governor of the Central Bank of Nigeria (CBN), and head of the Bank’s Financial System Stability directorate. He is responsible for the regulation of banks and financial institutions, which entails the management of systemic risk, and the development of finance programs.. Moghalu is already familiar with the inner works of CBN and does not need any orientation. He is very impressive with public relation which is significant for modern running of Federal Reserve Bank. During presentation of his latest book, Emerging Africa: How the Global Economy’s ‘Last Frontier’ Can Prosper and Matter at Woodrow Wilson Center in Washington, he was intellectually superb.
Bisi Onasanya: Managing Director/Chief Executive Officer of First Bank. Economist magazine described him as “A seasoned banker and chartered accountant with over 29 years diverse management and operational experience, Bisi is a highly respected and personable executive who has established a reputation at FirstBank for solid performance and sound judgment. Until his appointment as Group Managing Director and CEO, he was Executive Director, Banking Operations & Services. Prior to this, he was Managing Director and CEO of First Pension Custodian Nigeria Limited, a wholly-owned subsidiary of FirstBank. He is a Fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria. He is also an Associate Member of the Nigerian Institute of Taxation.”
Dr. Sarah Alade: Deputy Governor of the Central Bank of Nigeria responsible for Economic Policy. Alade was former Director, Banking Operations Department. She also served as Chairman Board of Directors, Nigeria Interbank Settlement System (NIBSS) as well as Secretary, National Payments System Committee (NPSC). If appointed the next governor of CBN, she will be the first woman to head Nigeria’s apex bank.
Dr. Shamsuddeen Usman: Nigeria’s Minister of National Planning, is the chairman of the Steering Committee on Nigeria Vision 202. He was former minister of finance and one time deputy governor of Central Bank of Nigeria. Usman is brilliant, superbly educated with an effective background and experience to competently manage the affairs of CBN.
Mrs Obiageli Ezekwesili: Nigerian trained chartered accountant. Wikipedia stated , “She was a co-founder of Transparency International, serving as one of the pioneer Directors of the global anti-corruption body based in Berlin, Germany. She served as Federal Minister of Solid Minerals and then as Federal Minister of Education Since then, she has been the Vice President of the World Bank’s Africa division.” Ezekwesili obtained her advance degree from Harvard University and later worked with public economist Jeffrey Sachs at Center for International Development, Harvard University. Lately, she has become a crusader for public accountability and probity. She represent the quality of woman needed to man CBN with academic brilliance, hard work and rich experience She will also be the first woman to occupy the position of governor of CBN, if chosen by President Jonathan.
Africa Political & Economic Strategic Center (AFRIPOL) is foremost a public policy center whose fundamental objective is to broaden the parameters of public policy debates in Africa. To advocate, promote and encourage free enterprise, democracy, sustainable green environment, human rights, conflict resolutions, transparency and probity in Africa. www.afripol.org firstname.lastname@example.org