Buhari’s economic team lacks the capacity to promote economic growth – The Economist


Economic growth under the presidency of Muhammadu Buhari will be “uninspiring” in 2016, The Economist has said. In the 2015 edition of its annual prediction of the economic situation of countries in an approaching year, the paper also said the All Progressives Congress (APC) will limit Buhari’s strides in the management of Nigeria’s oil sector. Nigeria’s budget balance, according to The Economist, stood at -1.4, the least among all the countries explored, with Angola at -2.1, Egypt -9.2, Saudi Arabia -11.4, and South Africa’s -3.5. According to its 2016 forecasts for Middle East and Africa, Buhari will address the problem of corruption and insecurity in the country. “The new president, Muhammadu Buhari, will use his political capital to address entrenched problems of corruption, insecurity and low living standards, but the patience of an electorate with high expectations will be short,” the forecast read. “Clashing interests within the ruling party will limit efforts to improve management of the oil sector. Economic growth will be uninspiring.” The British paper had initially said Kemi Adeosun is poorly qualified to be the country’s finance minister. “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 in November. “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.” APC has recorded a number of in-fighting since Buhari came into power, the longest-running being the one involving the emergence of Bukola Saraki as senate president.


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