Nigeria’s foundering economy to test mettle of new ministers Edun, Anite, Bagudu

, a surgeon with immense experience in treasury and fixed-income trading at Nigeria’s second-biggest bank, Zenith, will lead Trade and Investment.

He later became an economist in the Bretton Woods institution, meaning an opportunity for a grounding in macro-economic and sector policies on top Asian economies including Indonesia and India. During his ministerial grilling this month at the Senate, Mr Edun said, as he did during his Lagos days, his approach to raising revenue will explore investment funding rather than borrowing.

Earnings from oil, which contributes about $9 of every $10 that comes into the country, have been depressed on account of oil theft and low production. The gap has widened by about 16 per cent since then and could be in danger of expanding further should Nigeria’s $7.5 billion exposure in security borrowing from JP Morgan and Goldman Sach alongside other short-term foreign exchange payables fall due and settlement is made from its depleted external reserves.

Issues like multiple taxation, port congestion and regulatory bottlenecks associated with registering businesses are on the top of the pile. Mr Edun has a duty to drive legislation that will boost mineral production across the states, the most pressing being the urgency to take the exploitation of mineral resources off the exclusive list to the concurrent list, setting the stage for the participation of sub-national governments in resource control.

Source: Financial Digest (financialdigest.net)

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