Former Deputy Governor of the Central Bank of Nigeria (CBN) and economist, Kingsley Moghalu, has raised fresh concerns over the escalating wave of insecurity across the country, warning that Nigeria is edging dangerously close to losing control of the situation.
In a post on X Thursday, Moghalu said the country is now grappling with what he described as a “terror industrial complex,” stressing that the level of violence and the frequency of attacks suggest a deeper and more coordinated threat than previously acknowledged.
“The terror industrial complex is hard at work in Nigeria, and indications are that things may be spinning out of control,” he cautioned.
Moghalu criticised what he sees as a lack of genuine commitment from political leaders in tackling the crisis, insisting that Nigeria needs “REAL political will” to confront insecurity at its roots.
“REAL political will, which will require rational minds, rational thinking, and making political sacrifices, is needed, not politics as usual,” he said.
He noted that despite the courage and resilience displayed by the military, Nigeria’s armed forces have become overstretched due to the scale and spread of violent attacks across the country.
“The armed forces, despite their gallant efforts, are clearly overwhelmed and stretched thin,” Moghalu lamented, adding that the nation’s borders remain “too porous at its edges.”
According to him, the country’s intelligence network either lacks capacity or fails to properly utilize information gathered to prevent attacks.
“Intelligence gathering is either weak or is not acted upon fully,” he said.
Moghalu also warned that Nigeria cannot expect meaningful external assistance unless it demonstrates seriousness and coherence in its internal security operations.
“But for coordinated external support to take place, we have to be seen to be serious in order to be taken seriously. Are we?” he queried.
The former CBN chief dismissed performative responses and political grandstanding, stressing that the daily loss of lives demands urgent, concrete action.
“Bombast and ‘performances’ won’t go too far. Citizens and communities are being killed daily, and it’s either we are able to stop it or we are not.”
He further pointed out that Nigeria’s security challenges did not arise overnight but are the result of long-standing issues that will require sustained, collective effort to resolve.
“There are many factors that have accumulated in creating where we are today… It’s a long haul ahead,” he explained.
Moghalu urged Nigerians to abandon internal political and ethnic divisions and unite behind a national strategy to restore security and stability.
“We must face ourselves, drop our internal divisions, the whataboutism, and the vested interests, and come to terms with the things we must now do,” he said.
His comments come amid renewed concerns over banditry, terrorism, and communal violence, with many Nigerians increasingly calling for a revamp of the nation’s security architecture.
