Former World Bank chief Ngozi Okonjo-Iweala, Mr Olusegun Aganga minister of Trade and Investment as well as Nigeria’s Central Bank Governor Lamido Sanusi are expected to spearhead Nigeria’s economic recovery, but how the two ministers deal with tensions between them and the CBN will determine their success.
Dr. Okonjo-Iweala is expected to take up the role of Coordinating Minister for the Economy and Minister of Finance, Monday 15, an expanded version of the role she held between 2003 and 2006 when she successfully secured Nigerian debt relief. Dr Okonjo Iweala is believed to have negotiated with the President clear terms on which she would be willing to return to serve in government, including being given broad powers over economic management and freedom from political meddling.
Dr Okonjo Iweala and Olusegun Aganga are big personalities that are well respected internationally. Sanusi the CBN Governor has in recent time spread his remit well beyond the fundamental role of the central bank which may lead to a clash of personality in not too distant time.
However, the creation of the Ministry of Trade and Investment seems to be paying off for the country as local and international investors are buying into the programme of government raising hope for multi-million dollar investments in Nigeria.
Strategic appointment
When the Minister of Trade and Investment, Mr, Olusegun Aganga, was appointed to drive the new initiative, the Organised Private Sector saw the appointment as strategic, especially considering the fact that his wealth of experience in investment and real sector matters, which he displayed even as the Minister of Finance, was more needed in the industry than anywhere else.
The President, Manufacturers Association of Nigeria, Chief Kola Jamodu, alluding to this fact recently said the organized private sector was indeed happy that Aganga had been posted to conclude the good works he started as the country’s finance minister, even though he wished that the Ministry of Trade and Investment could have been expanded to accommodate the name “industry”.
Click to signup for FREE news updates, latest information and hottest gists everydayDr. Okonjo-Iweala is expected to take up the role of Coordinating Minister for the Economy and Minister of Finance, Monday 15, an expanded version of the role she held between 2003 and 2006 when she successfully secured Nigerian debt relief. Dr Okonjo Iweala is believed to have negotiated with the President clear terms on which she would be willing to return to serve in government, including being given broad powers over economic management and freedom from political meddling.
Dr Okonjo Iweala and Olusegun Aganga are big personalities that are well respected internationally. Sanusi the CBN Governor has in recent time spread his remit well beyond the fundamental role of the central bank which may lead to a clash of personality in not too distant time.
However, the creation of the Ministry of Trade and Investment seems to be paying off for the country as local and international investors are buying into the programme of government raising hope for multi-million dollar investments in Nigeria.
Strategic appointment
When the Minister of Trade and Investment, Mr, Olusegun Aganga, was appointed to drive the new initiative, the Organised Private Sector saw the appointment as strategic, especially considering the fact that his wealth of experience in investment and real sector matters, which he displayed even as the Minister of Finance, was more needed in the industry than anywhere else.
The President, Manufacturers Association of Nigeria, Chief Kola Jamodu, alluding to this fact recently said the organized private sector was indeed happy that Aganga had been posted to conclude the good works he started as the country’s finance minister, even though he wished that the Ministry of Trade and Investment could have been expanded to accommodate the name “industry”.
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