Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has counselled the incoming governors to diversify their states’ revenue streams rather than rely solely on crude oil.
In Abuja, the capital of the country, Okonjo-Iweala gave a speech on Monday during an induction ceremony for the newly elected governors.
The head of the WTO warned that states that rely too heavily on the monthly Federal Account Allocation Committee (FAAC) will suffer and advised them to start preparing for the day when petroleum products will no longer be able to support the nation.
“We need to start making plans now for a period when our oil and gas won’t be our primary sources of income. States that heavily rely on FAAC funding will be particularly hard hit, according to Okonjo-Iweala.
“You governors need to start diversifying your sources of income right away. To achieve upper middle-income status, we should aim to double our growth rate and maintain that level of growth.
In order to win back Nigerians’ support, the former finance minister of Nigeria advised the governors-elect to restore trust through their policies and programmes.
According to her, many trusts have suffered as a result of the results of the general elections in 2023.
“Honorable governors, let’s be honest: confidence in Nigeria has never been strong, but a lot of it has been lost since the elections.
“You need to show Nigerians that they are equally loved by your words, behaviour, and policies. that people don’t need to be afraid to live and conduct business wherever they are in the nation. I sincerely adore Nigeria, and I want to be made to feel at home everywhere in it, she added.