Oil and gas would no longer be Nigeria’s primary sources of income, according to Dr. Ngozi Okonjo Iweala, Director General of the World Trade Organization (WTO). She made this statement on Monday, May 15, at the Presidential Banquet Hall, State House in Abuja, during the 2023 Governors Induction for New and Returning Governors.
She claims that because the oil and gas industry is no longer as lucrative as it once was, both the new and re-elected governors will need to look into alternative revenue sources. She uttered:
- “We need to start preparing now for a time when our oil and gas will no longer serve us as the main sources of revenue. States with a heavy dependence on FAAC allocation will be particularly hit.
- “It is important that you governors start now to diversify your revenue sources. We ought to be seeking to double our growth rate and sustain that higher growth until we attain upper middle-income status.”