Buhari appoints Kingsley Obiora as new CBN Deputy Governor
By Olisemeka Obeche
President Muhammadu Buhari has nominated Dr. Kingsley Obiora, an Alternate Executive Director of the International Monetary Fund (IMF) as the new deputy governor of the Central Bank of Nigeria (CBN).
In a letter transmitted to President of the Senate, Ahmad Ibrahim Lawan, President Buhari explained that the nomination of Dr Obiora, was in accordance with the provision of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007.
Subject to the Senate’s confirmation, Obiora is expected to replace Dr. Joseph Nnanna, whose retirement takes effects from February 2, 2020.
Dr. Nnanna who will turn 70 at the end of this month is the current deputy governor of the CBN and currently in charge of Economic Policy.
Dr Obiora holds a Bachelor’s degree in Economics and Statistics from the University of Benin, a Masters in Economics from the University of Ibadan, and a Doctorate in Monetary and International Economics, also from the University of Ibadan.
In addition to his qualifications, he has attended several training programmes in Nigeria and overseas. He is currently an Alternate Executive Director in the International Monetary Fund (IMF) In Washington DC, United States of America.
On Novermber 11, 2011, Kingsley Obiora of the IMF, joined the many critics of the country’s rising domestic debt profile. He stated that the debt, which is put at about $31 billion, or 16.4 percent of the nation’s Gross Domestic Debt (GDP) was way too high and needed to be checked.
Prior to working with the IMF, Obiora worked with the CBN from 2014-2018, where he was the Special Adviser to the CBN Governor on Economic Matters and contributed significantly to the overall analytical and policy framework of the CBN. He also led the team of several technical aides attached to the governor’s office.
From 2011 to 2014, he served as a Technical Adviser to the Economic Management Team as well as Special Assistant to President Goodluck Jonathan’s Chief Economic Adviser. Between 2007 and 2009, he worked with the IMF as an economist in the European Department, where he was responsible for Lithuania and involved in real sector issues, analyses and forecasts for the country, among several other responsibilities.
Since his academic and career distinction of the early 2000s, Obiora has directly supported the economic policies of three presidents, including the incumbent. While working at the Centre for Econometric and Allied Research (CEAR) between 2003 and 2006, he contributed to the development of an econometric forecasting model for Policy analyses for Nigeria’s National Planning Commission.
He also contributed to developing the macroeconomic framework for Nigeria’s National Economic Empowerment and Development Strategy (NEEDS) II programme under former President Olusegun Obasanjo.