Moghalu: Africa Needs to Stop Relying on the U.S. and Take Control of Its Future

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has asserted that being sidelined by former U.S. President Donald Trump might be the wake-up call Africa needs. Moghalu’s remarks highlight the importance of the continent taking charge of its destiny instead of dwelling on the implications of U.S. foreign policies for Africa.

In a post shared on his X (formerly Twitter) handle on Sunday, Moghalu criticized the dependency mindset prevalent in African discourse, particularly concerning Trump’s impact on the continent. He wrote:
“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. I’m just tired of the ‘what Trump means for Africa’ discourse of dependency.”

Economic Concerns Over Trump’s Energy Policies

Meanwhile, Dr. Samson Simon, an economist at ARKK Economics and Data Limited, has warned that Trump’s return to the White House could pose significant economic challenges for Nigeria.

In a conversation with Newsflash Nigeria, Simon explained that Trump’s recently signed executive order declaring an energy emergency could have global ramifications, particularly for oil-dependent nations like Nigeria.

Simon noted that Trump’s push for increased domestic oil production could lead to an oversupply in the global oil market, potentially resulting in a loss of market share for the Organization of Petroleum Exporting Countries (OPEC), of which Nigeria is a member.

“America drilling oil could mean a glut in oil supply and loss of OPEC market share, with Nigeria being a member of the bloc. When the price of crude oil on the international market falls, Nigeria tends to suffer because it means less foreign exchange (FX) earnings and reduced government revenue,” Simon stated.

However, Simon suggested there might be a lag before the U.S. ramps up its oil production, providing some breathing room for Nigeria to adjust to potential market disruptions.

Implications for Nigeria’s Economy

Nigeria’s heavy reliance on crude oil for FX earnings and government revenue makes it vulnerable to shifts in the global oil market. With Trump’s energy policies likely to prioritize U.S. energy independence, Nigeria could face additional economic pressures if oil prices drop significantly.

Experts are calling for Nigeria to diversify its revenue base and strengthen other sectors of the economy to cushion the effects of such external shocks. Moghalu’s emphasis on self-reliance echoes the broader need for African nations to adopt strategies that prioritize internal growth and sustainable development, rather than over-relying on foreign policies and markets.

This shift in mindset could mark a turning point for Africa, enabling the continent to chart its own course amidst global uncertainties.

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