Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), believes that being overlooked by US President Donald Trump is just what Africa needs.
Moghalu stated, “We need to wake up and stop moaning about what Trump means for Africa.”
In a tweet on his X Twitter on Sunday, the former CBN Deputy Governor insisted that Africa must take control of its fate and set its own route.
“Being sidelined by Trump is exactly what Africa needs. We need to wake up and stop moaning about what Trump ‘means for Africa.
“Africa needs to take its destiny into its own hands and chart its own course. Just tired of the ‘what Trump means for Africa’ discourse of dependency,” Moghalu posted on X.
Meanwhile, Dr Samson Simon, an Economist with ARKK Economics and Data Limited, cautioned in an interview with DAILY POST that under Trump’s presidency, Nigeria might see lower foreign exchange profits and government income.
The announcement comes after Trump returned to the White House and issued an executive order declaring an energy emergency.
Simon stated that America drilling oil might result in a surplus in oil production and a loss of OPEC market share, as Nigeria is a member of the organization.
According to the economic expert, Nigeria suffers when the worldwide price of crude oil decreases, resulting in lower FX profits and less government income.
Simon said:
“America drilling oil could mean a glut in oil supply and loss of OPEC market share (Nigeria being a member of the bloc) with a concomitant fall in the international price of oil.
“And when the price of crude oil on the international falls, Nigeria tends to do badly. As the fall means less FX earnings and reduced government revenue.
“The consolation is that before Trump makes America to rev up its oil production, there would be a lag – meaning that the impact may not be felt immediately.”
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cc: Daily Post Ng
