Uphill task for Nigeria's new economic team

Nigeria finally has a government after a wait of more than five months but the new ministers have their work cut out to reverse a damaging slump in Africa's leading economy.

Falling global oil prices have shrunk government revenues and slowed growth to a near standstill, while the naira currency is weak, inflation high and unemployment causing widespread concern.

At the same time, the military is working to end a bloody insurgency by the radical Islamist Boko Haram group that has devastated the people and economy of the remote northeast.

"Nigeria has never been this bad," said political commentator Olapade Agoro, who is also an opposition politician and former presidential candidate.

All eyes are now on new Finance Minister Kemi Adeosun and her team to come up with policies to tackle the rot.

But Bismarck Rewane, of the Lagos-based consultancy Financial Derivatives, said time was of the essence, with investors keen for clarity about the direction the government will take.

"The thing to do is to hit the ground running because there is no time for rhetoric," he told AFP.

"The economy is in dire straits. The GDP is low at 2.4 percent, while inflation is nearing 10 percent with weak purchasing power and a falling naira."

Unemployment is currently at 8.2 percent, while the oil shock has left Nigeria -- Africa's number one crude producer -- short of cash to pay for government projects and even civil servants' salaries. "You've got to raise money to deal with fiscal deficits," said Rewane.

Adeosun, a former investment banker, has been credited with turning round the finances of the cash-strapped southwestern state of Ogun, yet is untested at national level.

Analysts suggest she will work closely with other key ministers such as Udo Udoma, in charge of budget and national planning, and Okechukwu Enelamah at industry, trade and investment.