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Africa’s billionaire count may be rising, but broad-based wealth remains elusive, highlighting a structural challenge for the continent. According to Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria, African capitalism cannot create prosperity without effective public policy and competent governance. The core issue is a governance gap, where an artificial separation between the state and the market has fostered crony capitalism instead of productive economies. Moghalu argues that addressing structural barriers—such as energy poverty, security, access to finance, education, and property rights—is essential to enable private enterprise to yield dividends for everyone. With capable governments regulating and investing wisely, businesses can grow sustainably, creating opportunities beyond the elite. Without such coordinated policies, Africa’s promise of shared prosperity risks remaining out of reach.
SEMAFOR