Kingsley Moghalu, a former presidential candidate and economist, has outlined a five-pillar approach to drive African development. He emphasized the need for an endogenous mindset, prioritizing African development from within, and highlighted the importance of education, infrastructure, innovation, and access to finance.
Moghalu’s five pillars are:
- Developing an endogenous mindset or worldview that prioritizes African development from within.
- A strategy for overcoming poverty through effective education and skills for productivity.
- Ensuring the availability of electric power infrastructure to drive economic growth.
- Channelling scientific inventions and innovations into the marketplace through mass production to create commercially viable products.
- Ensuring access to affordable interest rates through microfinance banks for Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs).
Moghalu argued that Africa must focus on turning scientific advancements into commercially viable products to drive economic growth. He also stressed the importance of providing access to finance for SMEs and MSMEs, which are critical to Africa’s economic development.
By prioritizing these five pillars, Moghalu believes that Africa can unlock its true potential and achieve meaningful development. He emphasized that African development must be driven from within, rather than relying on external solutions.
Moghalu’s approach offers a comprehensive framework for African development, addressing key challenges such as poverty, infrastructure, innovation, and access to finance. By adopting this approach, African countries can drive economic growth, reduce poverty, and improve living standards for their citizens.
