Nigeria's New Cabinet Triggers Another Wait for Policy Direction
- Deadline to submit budget will most likely be missed
- Finding funds for infrastructure spending poses challenge
Muhammadu Buhari with newly-appointed ministers at the swearing in ceremony in Abuja, on Wednesday.
Photographer: AFP via Getty ImagesNigerian President Muhammadu Buhari has ended a more than five-month wait by inaugurating his cabinet. But investors hoping for clarity on plans to rescue the economy from the oil-price plunge may have to remain patient for a little while longer.
Buhari appointed former investment banker Kemi Adeosun as finance minister, among cabinet members who were sworn in Wednesday at a ceremony in the capital, Abuja. The president, who took office in May, has said he wanted to take his time vetting the candidates for their suitability to help root out corruption. Critics say the lag fueled uncertainty in an economy reeling from an almost 60 percent drop in oil prices since last year.