AGANGA NEEDS TO PUT ECONOMY BACK ON TRACK
The new Minister of Olusegun Aganga will need to surmount several obstacles in the way of economic growth in Nigeria which are considered enormous at the moment. These include the lingering effects of the global economic meltdown, that were compounded by the crises that engulfed the nation's capital market and banking sector shake up which has resulted in significant capital erosion and extreme risk aversion on the part of banking sector players.
The new Minister of Finance needs to re-position the ministry to shoulder the responsibility of propelling the country towards economic renewal and growth. The minister needs come up with fiscal policy measures to stimulate economic recovery and also increase the contribution of the non-oil sector to Gross Domestic Product in fiscal 2010. The minister will be expected to draw up a short to medium term economic stimulus plan that will particularly restore confidence in the financial sector, properly manage the expansionary budget for 2010 and ensure that the nation's external balance is healthy enough to cushion against further possible shocks in the near future.
Aganga is expected to bring his wealth of experience in international high finace at Goldman Sachs to bear in his new position moreso as he had shown interest in national affairs being the convener of the Aspen Nigeria Leadership Seminar/Initiative.
He was the Head of Hedge Fund Consulting at Goldman Sachs Prime Brokerage in London, with responsibility for Europe and Asia. Prior to joining Goldman Sachs, Aganga was at Ernst & Young London for 13 years and before that was with Ernst & Young in Nigeria for six years.
Aganga is currently the chairman of both the Alternative Investment Management Association's Hedge Fund Research Committee and London Investment Banking Association's Prime Brokerage Committee. He trained and qualified as an accountant with Ernst &Young and is a graduate of Oxford University and the University of Ibadan.