Some capital market operators on Tuesday lamented the dire situation of the economy and subsequently called on President Muhammadu Buhari to constitute his cabinet immediately.
Background: While speaking at a function in Lagos, Mr Ambrose Omorodion, the Chief Operating Officer, InvestData Ltd, and Mr Moses Igbrude, Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), jointly submitted that if a cabinet was constituted early, it will become easier for investors to ascertain the economic direction of the country; else the delay in the appointment of ministers would slow economic growth and development.
Omorodion further disclosed;
- “This is because, when ministers are appointed, it will take the ministers several months to settle for real business. This will, as well, affect the budget implementation that was signed into law almost at the midyear.”
Why it matters: President Buhari is still following his 2015 playbook where it took him several months to constitute a cabinet, a factor which analysts say contributed to Nigeria’s eventual descent into recession. Expectations that he would change tact in his second term have now been dashed as he is yet to constitute a cabinet five weeks into the new term. No lessons have been learnt, it appears.
In comparison, the South African President, Cyril Ramaphosa, in May 2019, appointed his cabinet less than a week after inauguration and got to work immediately.