Nigeria Decoded - Seven Ministers to Watch in President Bola Tinubu's First Government
Dear Reader,
This month, recently elected Nigerian President Bola Tinubu put “Renewed Hope” into motion — his vision for running Africa’s most powerful economy and populous country. In a major development, on 21 August 2023, Nigeria's 45 new ministers will assume their positions in Tinubu's first cabinet, the largest since 1999. We have been paying close attention to these developments and expect the following seven ministries and ministers to play outsized roles in shaping Tinubu's economic agenda.
New Minister of Finance Wale Edun will steer Nigeria's economy, the most powerful in Africa. An experienced international banker and longtime ally of the President, Edun has advocated for diversifying Nigeria's sources of revenue and adopting an expansionary monetary policy. The Ministry of Finance will separate from the Ministry of Budget and Planning, which will have its minister, as it did before 2019.
Minister of Power Adebayo Adelabu—a longtime Tinubu ally and former Deputy Governor of Nigeria's central Bank—will lead the planned overhaul of Nigeria's electricity sector. Adelabu will be under pressure to succeed as reforming the electricity sector is one of Tinubu's national priorities. It's also critical to Tinubu's political future, as power cuts and increases in the price of electricity will doom his chances of re-election. Rumors are circulating that Adelabu was Tinubu's backup choice after Nasir El-Rufai failed to win Senate confirmation.
Former presidential spokesman Dele Alake will head the Ministry of Solid Minerals Development—previously the Ministry of Mines and Steel Development. Alake will work to turn around Nigeria's underperforming mining sector, also one of Tinubu's priorities. This includes capitalizing on growing demand and competition for strategic minerals that have sparked interest of foreign companies in Nigeria's lithium deposits.
Following a challenging Senate confirmation, Minister of Communications, Innovation, and Digital Economy Bosun Tijani will lead efforts to advance Nigeria's growing technology sector. Although Nigeria's technology sector has grown, Tijani will have to fix several obstacles to its further growth, notably underdeveloped digital infrastructure and the lack of domestic financing.
Like former Presidents Muhammadu Buhari and Olusegun Obasanjo, Tinubu will handle the Ministry of Petroleum portfolio himself with the support of ministers of state for petroleum and gas resources. Though an advocate for diversifying beyond oil and gas, Tinubu also understands its importance to Nigeria's economy.
Two new ministries worthy of attention include the Ministry of Tourism and Creative Economy and the Ministry of Marine and Blue Economy. Minister of Tourism and Creative Economy Haanatu Musawa will work to increase the contribution of tourism and creative fields to the economy. Minister of Marine and Blue Economy Gboyega Oyetola will be responsible for designing policy on maximizing the contribution of Nigeria's maritime area to the economy. This ministry is also the brainchild of Wale Edun and of interest to Tinubu. Also, the naming of ministries sounds like the subtle work of consultants. Buzzwords like "creative culture" and "blue economy" are not in the Nigerian lexicon, prompting speculation among political observers that we will see consultants play a greater role in the future.
Looking ahead, we think the first test for Tinubu's government—and these ministers in particular—will be submitting the proposed 2024 budget to the legislature in October. Consequently, expect ministers to spend their first few weeks in office determining their policy priorities and securing funding. Nevertheless, despite optimism for Tinubu’s “Renewed Hope” and some of his ministerial appointments, there’s some disappointment over missed opportunities to restructure more ministries and appoint more technocrats to key senior positions.
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