Okonjo-Iweala urges the incoming government to stop relying on oil and diversify its revenue sources

The head of the WTO also advised the incoming governors to use their policies and initiatives to win back Nigerians’ trust.

Incoming governors have been urged to diversify their revenue sources and quit relying solely on crude oil by Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO).

Two weeks before the May 29 inauguration, she addressed an induction ceremony for newly elected governors in Abuja on Monday.

She predicted that states that rely too heavily on the monthly Federation Account Allocation Committee (FAAC) will suffer.

“We need to start preparing now for the day when our oil and gas won’t be our main sources of income. States with a high reliance on FAAC allocations will be disproportionately hurt, according to Okonjo-Iweala.

“It’s critical that you governors begin to diversify your sources of income right away. We should aim to double our growth rate and keep it higher until we reach upper middle-income status.

In order to win back Nigerians’ support, the head of the WTO asked the governors-elect to restore trust through their policies and programs.

After the general elections in 2023, she explained, a lot of confidence was lost.

“Honorable governors, let’s be honest: confidence has always been brittle in Nigeria, but a lot of it has been lost since the elections.

You must show Nigerians that they are equally loved by your words, actions, and policies. that they can live and conduct business fearlessly anywhere in the nation. I genuinely adore Nigeria and would like to be welcomed anywhere in it, she continued.