According to English newspaper, The Economist, the minister for finance, Mrs Kemi Adeosun is poorly qualified to head the position, thus won’t be able to manage the country’s economy.
In its review of President Muhammadu Buhari’s ministers, the newspaper described Okechukwu Enelamah, the minister for trade and investment, as “a respected businessman”, but noted that he “may lack the clout to stand up to the president”.
Nigeria, “Africa’s biggest economy, which relies on oil for 70% of its revenue, is sputtering as prices fall. Economic policy has been adrift since Mr Buhari came to power, and investors complain about the central bank’s use of trade controls and import restrictions,” The Economist said.
“However, the new finance minister, an accountant who cleaned up the books of one of Nigeria’s smaller states, is poorly qualified for the job.
“Her counterpart in the investment ministry is a respected businessman, but he may lack the clout to stand up to a president with statist leanings.
The report quoted Shehu Sani, senator representing Kaduna central senatorial district, as saying: “It’s a government with local professionals and without superstars.”
Adeosun, who is expected to better Ngozi Okonjo-Iweala, the immediate past coordinating minister of the economy, has over two decades experience in financing and capital management.
With an economics degree from the University of East London and a post graduate degree in public financial management from the University of London, Adeosun honed her financing skills at Price Water Coopers and Chapel Hill Denham Management.
She was the commissioner for finance in Ogun state, from 2011 to 2015, a post she was to retain, before Buhari’s national call.
On the other hand, Enelamah initially trained as a medical doctor, but went on to qualify as a chartered accountant, earning an MBA from the Harvard Business School.
He is the CEO of African Capital Alliance (ACA), which principally invests in Nigeria and countries in the Gulf of Guinea, and is reputed as the leading independent private equity firm investing in West Africa.
He previously worked at Zephyr Management L.P., New York, and South Africa Capital Growth Fund, Johannesburg. He also worked with Arthur Andersen and Goldman Sachs.