Economic experts allay fears of adverse implications from finance minister’s resignation

ECONOMIC EXPERTS HAVE allayed fears of ad­verse implications from Kemi Adeosun’s resig­nation as finance minister, saying Adeosun’s decision to resign is more of a good signal especially to the i

nternational community and holds no negative implication for eco­nomic growth.

According to Johnson Chukwu, an economist and the CEO Cowry Asset Man­agement Plc, foreign inves­tors would rather deal with a government that has zero tolerance for corruption, especially one that came into power on such commit­ment.

“The current government came into being on certain commitments – transparency, accountability and zero toler­ance for corruption – so by allowing Adeosun to exit, the government will ordinarily be strengthening these commit­ments,” he said.

Chukwu further said Ad­eosun’s resignation should bolster the government’s image as Nigeria is not short of capable hands as good as her o steer the affairs of the economy.

“I think her exit shows pertinence in the sense that she has accepted that she has erred and she is ready to retrace her steps. If any­thing, it is an act that will increase public confidence in the government’s position on anti-corruption and un­ethical conduct and should be a boost to the economy.” Chukwu said

Uche Uwaleke, a professor of finance and capital market as well as the head of the banking and finance depart­ment at Nasarawa State Uni­versity, Keffi, corroborated her resignation being a posi­tive one for the economy.

“If truly she has resigned on the basis of not having an original NYSC certificate. For me, that is the right thing to do”, Uwaleke said. The finance professor in­dicated that her resignation is one thing that will send the right signal, particularly to the international community.

“Remember that the min­istry of finance is key to the implementation of the reform agenda. Her ministry has been pushing for financial re­forms in the public sector in­cluding trying to sell that idea to the state, so if the ministry is keying to the government’s anti-corruption drive, then it stands to reason for her to step aside while investiga­tions are going on.

Uwaleke also expressed hope that the government would find a competent hand to pilot the affairs of the min­istry going forward.

For Muda Yusuf (PhD) the director general of La­gos Chamber of Commerce and Industry (LCCI) there is nothing spectacular about a minister resigning as long as there are no underlying policy issues.

“If this move has not been triggered by any major fundamental policy issue I don’t think there any major economic implications for it, Yusuf told business a.m. Friday evening in reaction to Adeosun’s resignation.

While it is unclear when the reported resignation will take effect, the minister’s resignation is coming after an allegation that she forged her National Youth Service Corps, NYSC certificate.

The President has since approved the resignation and appointed Ahmed Zainab, former minister of state for budget and national planning as the new finance minister.