Analysts recommend quick wins for reviving troubled economy

As the nation awaits the swearing in of ministers on Wednesday, analysts say the Muhammadu Buhari led government must ensure that need and exigencies of the moment weigh in above political considerations in allocating portfolios to the ministers, in an economy struggling with sliding oil prices, decayed infrastructure and currency restrictions.         

The analysts call for synergy among some ministries such as Finance, Trade and Investment, Petroleum and Power, among others, so as to jump-start the economy, said to have been neglected since Buhari assumed office.

They further advise that the ministers be situated according to their training or record of work previously done.

Although they did not rule out political considerations based on patronage and reward, they advise Buhari to be as dispassionate as possible.

Bolade Agbola, executive director Cashcraft Asset Management limited, said, “It is difficult to fix. I know the North will have Finance and Attorney-General  if we look at Nigeria’s power play and the array of men appointed by the President .”

But Friday Ameh, an energy analysts, said tested hands both in the private and public sectors, like Babatunde Fashola,  Kemi Adeosun, Okechukwu Enyinna Enelamah, Kayode Fayemi and Audu Ogbe, among others, should be assigned to the Power, Finance, Trade and Investment, Foreign Affairs and Agric ministries respectively.

Ameh further said that going by President Buhari’s disposition for efficiency, merit and proper delivery of public service, Fashola, the immediate past governor of Lagos state, who had established a reputation for public works and project execution during his eight years of governorship, should be considered for the ministries of works, power or transportation.

Adeosun, commissioner for finance, Ogun state, who is reputed to have performed creditably well in the state, in the area of revenue generation, Treasury Single Account (TSA)  should be saddled with the finance ministry, he suggested.

He further said that Enelamah, a former Goldman Sachs banker, founder and chief executive of ACA, which has raised over $750 million in managed funds since its inception in 1997, should be considered for the Trade and Investment ministry.

Rotimi Amaechi, who is known for his impactful projects in the schools system in Rivers State is being tipped for the education ministry.

Kayode Fayemi, regarded by some observers as being articulate, well spoken and of scholarly mind, observers believe, will be of good value in the ministry of Information or foreign affairs.

Ogbonnaya Onu, past governor of Abia state, is an erudite engineer and leader of men. Observers believe he would bring to bear his engineering skills and insight to the ministry of science and technology or power.

Audu Ogbeh, former minister of communications, and steel development and currently an agribusiness entrepreneur, could deploy his leadership qualities and entrepreneurial experience to the agriculture ministry.

Amina Mohammed is a distinguished international civil servant in the area of development planning. She has equally served as special adviser to the President on millennium development goals, especially on gender and education matters. She is a well bred bureaucrat and resource person that would add value to the ministries of health or national planning or education, the analyts said.

Reiterating the abundance of human resources that could take the country to greater heights, Andrew Nevin, an industry expert and chief economist, Price Water House Coopers (PWC) Nigeria said, “I think that this idea that you can rely on other economies to drive economic development is misplaced for Africa and misplaced for Nigeria, particularly because what is unique about Nigeria among other African countries is that her own internal market is large enough to by itself drive economic development.”

John  Omachonu