Former African Democratic Congress (ADC) presidential candidate Kingsley Moghalu has said that claims made by Labor Party LP presidential candidate Peter Obi that the economy cannot be driven by physical infrastructure alone are correct.

Moghalu revealed this in a post via his verified Twitter account on Monday.

The former deputy governor of the Central Bank of Nigeria, CBN, said that the foundation of economic transformation is human development, noting that the economy cannot truly progress without it.

He also stated that it is the mass education and training of millions, access to healthcare and clean water that lays the foundation to move millions of people out of poverty into sustainable income and wealth creation opportunities.

He wrote: “From an economic transformation standpoint, presidential candidate @PeterObi has a strong, albeit controversial, point: that the economy cannot be driven by (physical) infrastructure alone. The basis of economic transformation is human development (social infrastructure).

“Unless and until we understand this, our economy cannot make real progress. It is the mass education and training of millions, access to healthcare, clean water (not the business of pure water and tanker trucks) that lays the foundation for millions to rise from poverty to sustainable income and opportunities for wealth creation.

“Physical infrastructure is of course important to the economy. But 133 million poverty-stricken Nigerians, mostly illiterate, cannot be the most productive users of the infrastructure for which we claim to have borrowed the most, and for which we are spending more than 100% of our meager earnings on debt service. This has been my position for the last two decades and is supported by evidence from all the great economic transformations, such as South Korea and China. I just have to be frank about this.”