Former Central Bank of Nigeria (CBN) Deputy Governor, Professor Kingsley Moghalu, has said that African leaders are not thinking wisely about how to reduce the wide gap between the rich and the poor.

He explained that the continent has a serious problem because only four billionaires in Africa have more money than half of the entire population.

Moghalu, writing on social media platform X, criticized the way Africans focus on celebrating billionaires, instead of pushing for policies that can help average people build stable incomes and wealth for themselves.

He admitted that capitalism works better than communism and suits human nature. However, he stressed that capitalism only works well when governments create strong rules and policies to guide the market.

According to Moghalu, the idea of a totally free market is not real. He said Adam Smith’s “invisible hand” that balances the market needs governments to play their role actively and wisely.

He warned that if African governments do not act with clear and smart policies, the continent may continue to see only a few rich people getting richer while most citizens remain poor—something known as crony capitalism.

Moghalu gave examples of Asian countries like Japan, South Korea, Singapore, and Taiwan, where the government helped shape their economies and support national growth. He believes Nigeria can also become a strong capitalist country if it sets up smart policies that allow the economy to grow fairly.

He concluded by saying that the first job of any government should be to make sure its people are safe and doing well.