The Global Interdependence Center Welcomes Dr. Kingsley Chiedu Moghalu for the GIC Central Bankers Series

On Thursday, June 21st the Global Interdependence Center welcomed Dr. Kingsely Chiedu Moghalu, Deputy Governor of the Central Bank of Nigeria, in charge of the Financial System Stability (FSS) Directorate as part of GIC’s Central Bankers Series.

Ben Craig, E.D. of GIC and Stan Straughter, Director of International Business development at Thompson, Cobb, Bazilio & Associates, PC welcomed Dr. Moghalu, fellow GIC members and guests to the Pennsylvania Room at the Federal Reserve Bank for a discussion on Economic Development and the Banking Sector in Nigeria, followed by Q&A and lunch reception.

The Federal Republic of Nigeria has a GDP of $250 billion and population of 160 million people. Nigeria is the sixth largest supplier of crude oil to the U.S. and crucial exporter to a number of European nations. Dr. Moghalu addressed the global financial crisis leading up to 2008 and its impact on the Nigerian economy, in which necessitated a timely response and series of reforms to establish financial stability of the banking sector.

Through political support and the autonomy of the central bank, the nation “adopted a response to its own reality,” Mogahlu suggests.

According to the IMF, the banking system of Nigeria is stabilized today. Nonetheless, he still recognizes the threat to the nation’s external reserves due to the declining international oil prices and continuous Eurozone crisis. He supports the nation to diversify from oil and invest in a wealth of sectors such as manufacturing, agriculture, and SMEs. 

The Global Interdependence Center and GPA member, encourages the exchange of divergent perspectives through global dialogue to improve cooperation and understanding among nations. For more information on upcoming country and region-specific meetings, conferences, and networking opportunities on issues impacting the interdependent global community, visit