CBN Dep Gov: Obiora’s Appointment Excites Experts, Politicians

Rarely does an appointment as deputy governor of the Central Bank of Nigeria (CBN) generate so much interest as that of Kingsley Isitua Obiora, the almost peerless Nigerian economist who works as Alternate Executive Director of the International Monetary Fund(IMF)  in Washington, DC.

President Muhammadu Buhari last week forwarded his name to the Senate as a nominee for the deputy governor slot in the CBN to replace Joseph Nnanna, who retires on February 2, 2020.

At 43, if confirmed, Obiora will become the youngest person to head the Economic Policy Directorate of the CBN.

Dr. Obiora’s Curriculum Vitae shows he was the first African to be recruited directly from an African university by the IMF having received his education from primary to PhD in Nigeria.

He got his first degree in Economics and Statistics from the University of Benin in 1999 as the Best Graduating Student and followed up with an M.Sc. Economics in the same university in 2002, with distinction.

 He bagged his PhD in economics five years later at the University of Ibadan before the IMF snatched him in 2007 and had since become part of the day-to-day running of one of the world’s biggest international lenders where he  represents 23 African countries at the Bretton Woods institution.

His nomination by the President has understandably excited some economists, financial experts and politicians who spoke with THE WHISTLER on the significance of his appointment.

Oyinlola Olaniyi, a professor of economics at the University of Abuja expects that Obiora’s appointment would avail the economic team of the government additional resources to make good policies.

“Dr Kingsley Obiora was educated here in Nigeria before he went abroad to acquire experience and he’s been around Nigeria since then long enough to be familiar with our economic situation.

“Infact he’s been more at home than abroad. So, he is supposed to be familiar with Nigerian economy sufficiently to be able to give the right policy advice,” stated Olaniyi who stressed that Obiora is a different breed from economists who studied and work abroad.

A financial expert with an government agency who did not want his name mentioned expressed similar sentiments. He said Obiora combines brilliant academic achievement with world-class experience at the IMF making his choice as CBN deputy governor commendable.

“This man is not just an academic theorist; he’s hands on and from a world class financial institution, “he said.

A financial journalist and former editor of Punch, Martins Ayankola, also described Obiora’s appointment as good.

“Dr.Obiora is an experienced expert who has worked with leading financial institutions worldwide and his appointment will definitely add value to CBN operations.”

 Chekwas Okorie, National Chairman of the United Progressive Party (U PP) also applauded President Buhari for appointing Obiora as replacement for Nnanna, describing it as evidence that the government chose merit above sentiments.

“He’s eminently qualified for the job and he’s coming in with good experience. He’s highly qualified for the job.

“Where you give the govt kudos is that they took out time to find somebody who is eminently qualified. It will also encourage Nigerians in the diaspora that if they are qualified to serve in this country, distance will not be a barrier.”

Okorie also stated that for a man who had his basic university training in Nigeria to be picked by an international finance organization like the IMF shows that the quality of education in some institutions in Nigeria is good enough.

Here is a peep into the career background of Dr. Kingsley Obiora

1, Dr. Kingsley Obiora is currently an alternate Executive Director in the International Monetary Fund (IMF) in Washington, DC.

 2, He is a member of the 24-Seat Executive Board, collectively responsible for conducting daily operations of the IMF.

 3, He joined the IMF IN 2007

4, Dr. Obiora led the team that built the macroeconomic model underlying president Buhari’s Economic Recovery and Growth Plan (ERGP.

5, Dr. Kingsley has played key roles in helping to shape the country’s economic policies on  several fronts, including on energy subsidies, power sector reform, measurement of  job creation, architecture of development financing, diversification of the economy,  and oil price

6, Dr. Obiora served as Technical Adviser to Nigeria’s National Economic Management Team as well as Special Assistant to the President Goodluck Jonathan’s Chief Economic Adviser (2011-2014)

7, Dr. Obiora served as Special Adviser on Economic Matters to the Governor of the Central Bank from June 2014 until July 2018.