There Was No Miracle In Singapore – Soludo Reveals Secret To Economic Miracle, Gives 10-Year Target

According to Governor Chukwuma Soludo, there was no miracle in Singapore, but the country got a few things right and kept doing them right for a sustained period of time.

The Governor of Anambra State and former Governor of Central Bank of Nigeria stated this on Arise TV on Monday, October 26, 2026, while speaking at the NESG conference on job creation and poverty reduction.

He said the real miracle going forward for Nigeria in terms of job creation and poverty reduction will be measured by what Lee Kuan Yew told them about Singapore’s development model.

Governor Soludo noted that Nigeria is at a point where macroeconomic framework stability is back and must never be taken for granted, with emphasis on lessons from Indonesia, East Asia and China.

He explained that Nigeria must sustain right policies over a long period to achieve real change, rather than expecting overnight transformation in the economy.

Speaking on exchange rate policy, he proposed that Nigeria should deliberately target a real effective exchange rate undervaluation to drive competitiveness and growth.

In his words, and I quote: “We asked him about the miracle in Singapore and his response was there was no miracle. We got a few things right. We kept doing them right for a sustained period of time and the real change happened.”

He added, “We should actually be targeting a real effective exchange rate undervaluation of at least 25 to 30% year on year for the next 10 years.

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