According to Ngozi Okonjo Iweala, oil and gas will no longer be a significant source of income for Nigeria.

Lagos Mag
Lagos Mag  - Content Writer
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A picture taken on July 15, 2020, in Geneva shows Nigerian former Foreign and Finance Minister Ngozi Okonjo-Iweala smiling during a hearing before World Trade Organization 164 member states' representatives, as part of the application process to head the WTO as Director General. - South Korean trade minister Yoo Myung-hee on February 5, 2021 abandoned her bid to become head of the WTOm, Seoul said, clearing the way for Nigeria's Ngozi Okonjo-Iweala to become the global body's first woman and first African director-general. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)

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.”

 

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