He said his decision to join politics is informed by the urge to lead the country out of its dysfunctional state.
While speaking during an interview on Seriously Speaking on Channels Television, published on Sunday, May 27, 2018, the former deputy governor of the Central Bank of Nigeria (CBN) said he got into politics because he's fed up with the dysfunction being experienced in the country.
When challenged on his political inexperience, he said, "I'm shocked to find that I'm in politics. The only reason I'm going into this is because I'm fed up.
"I'm fed up and angry with the poverty, bad governance in this country and because Nigeria's population is growing geometrically, 400 million people in 2050, and poverty is increasing.
"What's the future for our children? Is this the sort of Nigeria you want our children to grow up in. What's the future for the children and the youth of this country.
"That's why I'm running for president."
He noted that he wants to lead Nigeria to set the tone for a brand of progressive leadership that will transform the country's fortunes.
Moghalu announced on May 24, 2018 that he'll be contesting for the presidency on the platform of Young Progressive Party (YPP).
In his statement titled, "A bold dare, a bold response to Nigeria's call, and a bold invitation: Have the courage to join us", he disclosed that the urge to not become a part of the old order of failed and recycled politicians influenced his decision to join YPP, noting that he wanted to join a party that shared his vision of leadership as one of service and accountability.
He described YPP as a grassroots-oriented party with historic network and cell leaders in every one of the six geo-political zones of the country. He noted that the party has full and final structures that can finally put an end to the agitations of Nigerians for quality leadership.
He said, "So I am here today to announce that in response to the parties of the past, in response to umbrellas that block out the light of hope, and brooms that sweep away truth and replace them with lies, in response to the parties of tired old tricks and tired old systems and tired old men, I and millions across Nigeria will choose the Young Progressive Party - YPP - the party of today and tomorrow.
"This is, importantly, an organizational choice. The Young Progressive Party has over the past year set up full and final structures - extensive offices, with an extensive pool of party officials, operatives, volunteers across the country. This is a grassroots-oriented party. Matched with our historic network and cell leaders across Nigeria in every one of the 6 geo-political zones of the country, this is a union made in possibilities."
YPP was registered as a political party by the Independent National Electoral Commission (INEC) in June 2017.