Charles Soludo economic facts

15 Economic Facts About Charles Soludo, Anambra Governor-Elect

Last Updated on November 12, 2021 by Ope Quadri

For someone like me who has been following the practical economic track records of Charles Chukwuma Soludo, the Governor-elect of the industrial state of Anambra, I can’t express how happy I was when he clinched his party ticket and rode to win the Saturday, November 9, 2021 guber election.

Charles Soludo as a school boy
Charles Soludo as a school boy. Credit: Facebook Group

I have never stayed for 60 minutes in Anambra, the longest time I did was during my service year. We had a stopover at a canteen in Awka where I swallowed “akpu” with some mouthwatering “ogbono” soup. That’s by the way.

Soludo, a former governor of the Central Bank of Nigeria (CBN) is a man I’ve always adored though from afar, I felt his radical economic policies at Nigeria’s apex bank between 2004 to 2019. That was a moment for the first time, everyone who uses a bank can be confident that their monies are in safe hands.

Before former President Olusegun Obasanjo invited the former World Bank consultant to head the CBN, there were dubious microfinance banks here and there that would operate for three to five years simply to gain the confidence of their customers and disappear at will when they’d accumulated millions of savings.

In this article, InfomediaNG Business Solutions who has been following the eloquent and realistic economic policies of Charles Soludo takes a deep look into 15 economic facts and achievements of Isuofia-born economist who lost his mother at a tender age.

1) He graduated at 24-year-old with First Class Honours in Economics winning several awards and laurels at the University of Nigeria at the time.

2) His extremely starling performance in his first degree earned him the honour to run Masters and Ph.D. concurrently in Economics and at 27, he was awarded MSc Economics.

3) The brilliant, vibrant, visionary, and young “bongo” who would later become a number one citizen of a state in Nigeria’s southeastern state bagged Ph.D. at 29-year-old in Economics, thereby making him a sought-after economic expert within Nigeria and abroad.

4) His research in microeconomics and practical economic development research, teachings, seminars, workshop, and publications catapulted the Anambra Governor-elect to the post of Professor of Economics at the age of 38, the youngest in that discipline at UNN at the time. I’m not sure if anyone has achieved that feat since then.

5) From then on, Charles Soludo became “hotter” globally as more foreign universities in the United States, United Kingdom wrote him special invitations letters to come to offload some of his heap load of economic knowledge

6) While Chukwuma Soludo continued to tour the world advising and guiding some of them on how to be economically sufficient by using what they had, his home country, Nigeria, was winding down on the devilish rule of the military rule.

And by the time President Olusegun Obasanjo (aka OBJ) assumed office in 1999, it took him some months to know that a Nigerian was somewhere helping other nations, he was invited to resume as the Chief Economic Adviser to Obasanjo. Soludo was 43-year-old at the time.

7) As if OBJ was keeping him for another top post, Soludo was his first choice as a replacement for Joseph Oladele Sanusi Nigeria’s apex bank who bowed out in 2004, and on May 29, 2004, the economics prof assumed office, he assumption of office as CBN governor coincide with Nigeria’s 5th Democracy day celebration.

8) For many years even before he joined the government, Soludo had been worried about Nigeria’s economic problems and some of the policies that made Nigerians lose their investment or hard-earned money.

As the governor of CBN, he was a man that could only work behind the scene. As such, he embarked on banking policies thereby ending “mushroom” microfinance banks and making banks in Nigeria stronger, making only microfinance banks that had the financial capacity to play the role of which they were founded.

9) On July 25, 2006, Chukwuma Soludo delivered a lecture at Obafemi Awolowo University, Ile-Ife, Osun State, in honour of Justice Kayode Esho, a retired Justice of the Supreme Court, he proffered solutions on how Nigeria economy could get more revenue from oil palm export like Malaysia that got its first oil seedlings from Nigeria in the 1960s.

Specifically, he said,:

“By the 1990s, it was estimated that Malaysia export of palm oil produce earned it more than Nigeria eared from petroleum export, and Nigeria had become net importer of oil palm produce”.

Entitled, “Law, Institutions And Nigeria’s Quest To Join The First World Economy,” Soludo who always believes that Nigeria can get out of its economic challenges:

“it need to make rapid progress in quest to join the First World Economy, it has to run at an extraordinary speed in the creation, adaptation and enforcement of relevant institutions and possibly reconstruct the basic institutions of the state (political-legal and administrative arrangements as embodied in the constitution) to enhance the allocative and operational efficiency of the state.” (page 25)

10) If you’ve ever read the template that could make Nigeria gain economic independence and stoppage of today’s loans and debts by Nigeria’s government, Charles Soludo was the head of the team that drafted the National Economic Empowerment and Development Strategy (NEEDS). NEEDS contains every solution to Nigeria’s development challenges.

Unfortunately, succeeding governments have turned blind eyes to the template while the problems Soludo and his team volunteered to solve persist.

11) Most of his papers and publications are centred on economic liberation for developing economies, “Macroeconomic Policy Modelling of African Economies” is one of his many publications.

12) Born on July 28, 1960, Charles Soludo is a member of the British Department for International Development’s International Advisory Group.

13) Soludo is the second person to be a CBN governor and later become a governor of a state. The first person was Clement Isong who later become the governor of old Cross River State in the second republic. The economic policies of Isong opened up Cross River and Akwa Ibom states for investments, some of which the two states are seeing today.

14) He’s the first former CBN governor from the Southeast geopolitical zone to also become a governor (elect) of a state in Nigeria.

15) He believes that restructuring is key to setting every state in Nigeria on economic prosperity. And he didn’t hide when he was on The Platform in the commemoration of Nigeria’s 59th independence celebration when he said

“Let Zamfara keep its gold and pay taxes to the government. Let Kaduna and Kogi keep their solid minerals. Most states have their own resources. Concentrating power in Abuja won’t help us develop our resources.”

15) Charles Soludo took over the management of the apex bank from Sanusi (from the southwest) and was succeeded by another Sanusi (from the North, Sanusi Lamido Sanusi)

Soludo’s Emergence As CBN Governor

It was a long way to victory, from the Peoples Democratic Party (PDP) to All Progressives Grand Alliance (APGA), the never-relenting spirit in Charles Soludo saw him coming victorious beating other major contenders like Valentine Ozigbo of PDP Emmanuel Nnamdi Uba of All Progressive Congress (APC).

Soludo during electioneering campaign as APGA governorship candidate. Photo credit: Vanguard

Although there was a large apathy due to the insecurity caused by the sit-at-home order by IPOB members, that would not stop the brilliant economist from beating his opponents.

In fact, he beat the closet contender Ozigbo with  58,422 votes, according to the Anambra 2021 Governorship Election results that were announced by the Independent National Electoral Commission (INEC).

When will Charles Soludo be sworn as Anambra governor?

Soludo will be sworn into office on March 17, 2022

soludo receives certificate of return from INEC in Awka
prof. Soludo receives a certificate of return from INEC in Akwa

In an interview on Arise TV in the early morning of Tuesday, Tuesday, November 2021 after being declared the winner, he promised to hit the ground running immediately.

Managing CBN is going to be completely different from being a state governor, I hope Chukwuma will not join the likes of some professors, Ph.D. holders, and educationists who have been swept away by Nigeria’s “corrupting” political system.

I also hope that Charles Soludo knows that Anambra people, Nigerians, and the world are watching to see him deploy his practical economic policies to transform the industrial state of Anambra into a world-class economy, turning the state into an example for Aso Rock and other states of the federation to emulate.


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