A former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, has called for the creation of a N500bn Venture Capital Fund to support entrepreneurship so as to boost the Nigerian economy.

He spoke at the inaugural summit of the Kingsley Moghalu Youth Initiative Summit held at the Aminu Kano Centre for Democratic Research and Development.

Moghalu, who is the founder of the Institute for Governance and Economic Transformation, emphasised the importance of support and funding for the Small and Medium-scale Enterprises, thereby creating a platform for innovation and creativity that could impact the economy.

“Nigeria cannot keep investing in meaningless policies and economic diversification that cannot be sustained; to boost real growth and GDP that reflects a productive economy, the leaders can change the lives of the average Nigerian by investing in ideas and projects that are productive and can create jobs for others,” he said.

In a statement, the former CBN chief was quoted as saying that the venture capital fund had to be independent, and should be managed through a public-private partnership.

“Such fund has to be kept away from politics, and should not be subjected to the federal character or else the initiative is going to fail. Investment through the fund should be based on merit and business ideas can compete globally and boost the economy,” he explained.

While calling for Nigerian youths to get involved the 2019 elections by obtaining their permanent voters card, Moghalu denounced the slow rate of socio-economic development and rising debt profile of the country.