Olusegun Aganga, Nigeria’s former finance minister, took up a new position today as trade and investment minister in President Goodluck Jonathan’s Cabinet, the ministry said in an e-mailed statement.
Aganga’s job at the new ministry is to attract private investment to help grow the economy of Africa’s most populous country of more than 150 million people, according to the statement.

http://www.bloomberg.com/news/2011-07-11/nigerian-president-jonathan-makes-aganga-trade-and-investment-minister.html

I'm betting on him to flop again. I have no faith in this fellow, he made some schoolboy errors on his last appointment. Well, you would not expect much more from someone with a degree in Biological Sciences and Theology.

2bosun:

Olusegun Aganga, Nigeria’s former finance minister, took up a new position today as trade and investment minister in President Goodluck Jonathan’s Cabinet, the ministry said in an e-mailed statement.
Aganga’s job at the new ministry is to attract private investment to help grow the economy of Africa’s most populous country of more than 150 million people, according to the statement.

http://www.bloomberg.com/news/2011-07-11/nigerian-president-jonathan-makes-aganga-trade-and-investment-minister.html

I'm betting on him to flop again. I have no faith in this fellow, he made some schoolboy errors on his last appointment. Well, you would not expect much more from someone with a degree in Biological Sciences and Theology.

Sounds like he's now charged with Privatising Nigeria.

Aganga - Okonjo-Iweala - Sanusi = The 'Deadly' trio.

The economy is firmly in their hands.

I fear for Nigeria - I fear for our 'Future Generations' . . . . . .

Hmmmm, fiscal responsiblity indeed. What happens to minister of commerce and industry?

Sun of god:

Sounds like he's now charged with Privatising Nigeria.

Aganga - Okonjo-Iweala - Sanusi = The 'Deadly' trio.

The economy is firmly in their hands.

I fear for Nigeria - I fear for our 'Future Generations' . . . . . .

That's the future!
The era of government running every company is over. We need to privatize these companies, so that goverment can focus on the real business of governing. Not setting up bakeries, poultries and piggeries, transportation companies, and all worth not.

naijaking1:

That's the future!
The era of government running every company is over. We need to privatize these companies, so that goverment can focus on the real business of governing. Not setting up bakeries, poultries and piggeries, transportation companies, and all worth not.

But wont this lead to the 'Privatisation' of the countries infrastructure and natural resources?

Would this be a good thing for Nigeria?

I'm fearful . . . . .

who is this aganga of a man.

Sun of god:

Sounds like he's now charged with Privatising Nigeria.

Aganga - Okonjo-Iweala - Sanusi = The 'Deadly' trio.

The economy is firmly in their hands.

I fear for Nigeria - I fear for our 'Future Generations' . . . . . .

You fear for Nigeria? What will you do differently, given the chance?

Powerful!! Perfect fitting!! Now he can find a way to channel all that Goldman Sachs billions down here to fix our infrastructure!! If you understand how much is waiting outside to be channeled into PPPs and other project developments, you would love this new ministry!!
It is just right! It is for reasons like these I voted Jonathan!!
The $500 million Bond was a first in in series of many many more!!

werepeLeri:

You fear for Nigeria? What will you do differently, given the chance?

First thing I would do is nationalize all 'Foreign' oil companies operating in the country.

I see the profits they post in their annual accounts that benefits their shareholders more than Nigeria.

No 'Foreign' company would be allowed to exploit Nigerians such as the 'Shells' of this world.


And then I would . . . . . .

PapaBrowne:

The $500 million Bond was a first in in series of many many more!!

The Euro-bonds were at a record low as of last week, although they will rise at things start get better in the Euro zone- which isn't any time soon.

http://www.bloomberg.com/news/2011-07-04/nigerian-eurobond-yields-reach-record-low-on-greece-naira-currency-gains.html.

werepeLeri:

You fear for Nigeria? What will you do differently, given the chance?

You should be cautious. You don't need to look far to see what happened to NITEL under the name of privatisation- Ajaokuta is another one that comes to mind.  

No doubt government clearly has no business in setting up a phone or any other company, but Nigeria is not ready for these private investments yet because there's no infrastructure to fully support them.  Focus and develop the real sectors first (power, security etc), and then watch the investors flock in on their own.

Sorry is this new Ministry a replacement for Commerce and Industry Ministry or is Nigeria about to have a duplication of Ministries?

How is Trade and Investment Ministry any different from Commerce and industry Ministry.

I hope this is a replacement and not a duplication. We dont need more Ministries.

If anything we need to streamline the ones we have.

I will favour a Ministry for Business to oversee a consolidation of Commerce & Industry + Agriculture + Water resources + Steel
While an Energy Ministry Oversees a consolidation of Petroleum Ministry + Power Ministry.

The cost of Government in Nigeria is too expensive. What we need is streamlining not duplicating.

Seriously? so Aganga went from Biology, to theology to becoming a Chattered Accountant?

No wonder he had no clue as Finance Minister?

naijaking1:

That's the future!
The era of government running every company is over. We need to privatize these companies, so that goverment can focus on the real business of governing. Not setting up bakeries, poultries and piggeries, transportation companies, and all worth not.

completely agree!!!!!!!!!!!

Sun of god:

First thing I would do is nationalize all 'Foreign' oil companies operating in the country.

I see the profits they post in their annual accounts that benefits their shareholders more than Nigeria.

No 'Foreign' company would be allowed to exploit Nigerians such as the 'Shells' of this world.


And then I would . . . . . .

I'm not an economist, but I have seen enough in my lifetime to know that countries that practiced what you're preaching now surffered for it later. From Idi Amin's Uganda, to Mexico, to socialist Italy, etc.
When goverment becomes commercial companies bad things happen on both sides. It's called socialism, and even socialism depending on how you look at it.
Why do you think USSR failed? China doing better with its new near capitalistic modus operandi? India is actually growing once it abandoned the socialistic principles of the 1970s? Oh, don't forget Brazil.
It's all good and well to preach peace, equality, but at the end of the day, human beings are always humans, and as George Orwell said in his Animal Farm: "All animals are equal", but that saying changed to "All animals are equal, but some are more equal than others" when the animals actually got power.

2bosun:

Olusegun Aganga, Nigeria’s former finance minister, took up a new position today as trade and investment minister in President Goodluck Jonathan’s Cabinet, the ministry said in an e-mailed statement.
Aganga’s job at the new ministry is to attract private investment to help grow the economy of Africa’s most populous country of more than 150 million people, according to the statement.

http://www.bloomberg.com/news/2011-07-11/nigerian-president-jonathan-makes-aganga-trade-and-investment-minister.html

I'm betting on him to flop again. I have no faith in this fellow, he made some schoolboy errors on his last appointment. Well, you would not expect much more from someone with a degree in Biological Sciences and Theology.

Are u sure of the highlighted ? If so please supply some proof.
First of all it was Sanusi with only a BSc in econs
and now this guy
Even the military governments did better than this.

yea it is true dat his degree is Biological Sciences(I believe from Oxford Uni)

RoadStar:

Are u sure of the highlighted ? If so please supply some proof.
First of all it was Sanusi with only a BSc in econs
and now this guy
Even the military governments did better than this.

http://en.wikipedia.org/wiki/Olusegun_Olutoyin_Aganga.

http://www.facebook.com/pages/Olusegun-Olutoyin-Aganga/121504631227580.

There is your proof. He went from being a scientist- to an accountant, and then a theologian. I am not discrediting him, obviously if he got into Oxford (albeit to study Theology)  and became a director at Goldman Sachs, he's got something. Unfortunately, he failed to grasp the workings of the Nigerian economy which cost him the portfolio in the end.

Aganga as a trade minister will be shuttling between Alaba, Onitsha and Aba.

mikeansy:

Seriously? so Aganga went from Biology, to theology to becoming a Chattered Accountant?

No wonder he had no clue as Finance Minister?

oh c'mon. must everyone join the bandwagon that Aganga couldn't perform? the guy spent 15 months as Minister and ppl expect a complete transformation. the way ppl are ripping on this guy you would think he has been there for the past 4 years. Can someone please post the achievements of Iweala as Finance Minister during her first 15 months? i think ppl are really unfair to this obviously bright man from Golman Sachs.

2bosun:

Well, you would not expect much more from someone with a degree in Biological Sciences and Theology.

guy, you don't know what you're talking about. since when did a degree in Biology become an indicator of incompetence?

Damn biology to theology to accountancy. if na muslim heaven go don fall. Hypocritic christians, see them trying to avoid this theology thing like plague. They spent 2 years discussing sanusi's islamic degree. As if degree is prerequisite to performance.

2bosun:

http://en.wikipedia.org/wiki/Olusegun_Olutoyin_Aganga.

http://www.facebook.com/pages/Olusegun-Olutoyin-Aganga/121504631227580.

There is your proof. He went from being a scientist- to an accountant, and then a theologian. I am not discrediting him, obviously if he got into Oxford (albeit to study Theology)  and became a director at Goldman Sachs, he's got something. Unfortunately, he failed to grasp the workings of the Nigerian economy which cost him the portfolio in the end.

Abegi, What can he do within one year, an election year for that matter!!!

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foreman:

Damn biology to theology to accountancy. if na muslim heaven go don fall. Hypocritic christians, see them trying to avoid this theology thing like plague. They spent 2 years discussing sanusi's islamic degree. As if degree is prerequisite to performance.

You see your life? Stop trolling!

This is mergenalisation! Wetin youroba know for trade? Na only igbo pple sabi trade na, why dem no put igbo there na?

Seriously? so Aganga went from Biology, to theology to becoming a Chattered Accountant?

had no idea either.

nigeria again.

Since when did WikiPedia become a reference source? While I am not super-pleased with Aganga's performance so far, I like to play fair.

To show you how unreliable WikiPedia is as a source, I will go ahead to make a change to that entry, and add Nairaland in the article.

lagcity:

oh c'mon. must everyone join the bandwagon that Aganga couldn't perform? the guy spent 15 months as Minister and ppl expect a complete transformation. the way ppl are ripping on this guy you would think he has been there for the past 4 years. Can someone please post the achievements of Iweala as Finance Minister during her first 15 months? i think ppl are really unfair to this obviously bright man from Golman Sachs.

lame analysis. So 15mnths is so short a tym 4 positive change.
Conclusion : ur callibre r d typ of leaders whu 'lead' without d followers following him(merely taking a walk.)

mkpologwu:

This is mergenalisation! Wetin youroba know for trade? Na only igbo pple sabi trade na, why dem no put igbo there na?

stupid ngwa man.
Conclusion : uve gt nothing 2 do? go and read ur buks. In d absence of any buk 2 read, go and draw ACTOR AND BOSS

I dunno how u guys analyse things but from my own perspective, Aganga did a gud job while he lasted at d finance ministry. The Eurobonds, d sovereign wealth fund(a collective effort) nd other thngs dat he was able 2 put in place just about a year. I'v nt said he was perfect bt i need one of u incurable pessimists to outline all his flaws these past years. And yes, he'll b more comfortable in this trade portfolio as he's got a gud grasp of investment technicalities. Guys, dn't throw d baby wit d bath water. U got someone who is a technocrat nd u'r whining. Mayb we shld go back 2 putting partisan politician as ministers here nd there.

dabrake:

lame analysis. So 15mnths is so short a tym 4 positive change.
Conclusion : your callibre r d typ of leaders whu 'lead' without d followers following him(merely taking a walk.)silly ngwa man.
Conclusion : uve gt nothing 2 do? go and read your buks. In d absence of any buk 2 read, go and draw ACTOR AND BOSS

Yours is d lame analysis. U'v only succeeded in passing absolutely nothing across. Tell me what ur worth is on this thread. Having said dat, if u cn tell me d thngs Aganga failed 2 do during dis period, i'l tell u d thngs he was able to do. Nigerians think it is how fluent u are during ur screening on d floor of d NA dat matters.

loma:

Since when did WikiPedia become a reference source?  While I am not super-pleased with Aganga's performance so far, I like to play fair.

To show you how unreliable WikiPedia is as a source, I will go ahead to make a change to that entry, and add Nairaland in the article.

As "unreliable" as wikipedia is, there is almost always some truth in their entries. Show me otherwise and I'll take a bow- anyone with a brain can become investment banker.

isquar3d3:

I dunno how u guys analyse things but from my own perspective, Aganga did a gud job while he lasted at d finance ministry. The Eurobonds, d sovereign wealth fund(a collective effort) nd other thngs dat he was able 2 put in place just about a year. I'v nt said he was perfect bt i need one of u incurable pessimists to outline all his flaws these past years. And yes, he'll b more comfortable in this trade portfolio as he's got a gud grasp of investment technicalities. Guys, dn't throw d baby wit d bath water. U got someone who is a technocrat nd u'r whining. Mayb we shld go back 2 putting partisan politician as ministers here nd there.

That's the familiar excuse, he had the time to create a sovereign wealth fund, which is basically losing money now. He could have also seen that the budget deficit and recurrent expenditure was unsustainable, that mopping up the economy at the cost of N500bn/yr to reduce inflation is madness, and that Nigeria will NEVER move forward with banks lending at interest rates of 20%.

He should have attacked the fiscal and monetary framework immediately but he decided to do what all IB's do which is to take risks with our money. At least inflation was in single digits with Ngozi in charge, - at this rate (10%), a tear rubber Toyota Camry could cost N20m in 10 years!

lagcity:

guy, you don't know what you're talking about. since when did a degree in Biology become an indicator of incompetence?

Far from it, I have one of such degrees and I'm far from incompetent. Having said that, I think I would rather have an economist in charge of a $40bn budget than a scientist, theologian, or IB. What do you think?

2bosun:

As "unreliable" as wikipedia is, there is almost always some truth in their entries. Show me otherwise and I'll take a bow- anyone with a brain can become investment banker.

That's the familiar excuse, he had the time to create a sovereign wealth fund, which is basically losing money now. He could have also seen that the budget deficit and recurrent expenditure was unsustainable, that mopping up the economy at the cost of N500bn/yr to reduce inflation is madness, and that Nigeria will NEVER move forward with banks lending at interest rates of 20%.

He should have attacked the fiscal and monetary framework immediately but he decided to do what all IB's do which is to take risks with our money. At least inflation was in single digits with Ngozi in charge, - at this rate (10%), a tear rubber Toyota Camry could cost N20m in 10 years!

Far from it, I have one of such degrees and I'm far from incompetent. Having said that, I think I would rather have an economist in charge of a $40bn budget than a scientist, theologian, or IB. What do you think?

It is not the Finance Minister's job to manage the inflation rate. That is the role of the Central Bank through monetary policy.