AllAfrica.com quoted vice president and senior fellow Todd Moss in an article on reforms at the Central Bank of Nigeria.
From the article:
At the congressional hearing christened "Global Financial Crisis and Financial Reforms in Nigeria", Sanusi and Oteh addressed many questions relating to the restoration of confidence in the financial markets and the creation of an enabling environment to attract capital inflows into Nigeria without leading to another speculative bubble.
Congress invited Sanusi and Oteh to tell the Nigeria and Africa story, to better inform the US work in support of emerging markets.
Vice President and Senior Fellow, Centre for Global Development, USA, Mr. Todd J. Moss, who was also at the hearing, urged the Nigerian authorities to deal with the fiscal situation of the country as a matter of urgency, citing the case of savings in the Excess Crude account, which stood at $20 billion just 20 months ago but now almost completely depleted. Moss, who was the third witness at the hearing, said in his submission that "the global economic crisis may turn out to be a good thing for Nigeria", explaining that the country's banking troubles were largely local in nature.
He said the pressure of the global crisis both exposed the hidden problems and forced the actions of the Nigerian authorities, which would make Nigeria's financial sector stronger and more competitive.