Okonjo-Iweala Urges Governors-Elect To Stop Dependence On Oil, Diversify Revenues

Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO) has urged the new governors to diversify the sources of income in their various states rather than rely solely on crude oil.

At an induction ceremony for the newly elected governors held on Monday in Abuja, the capital of the country, Okonjo-Iweala gave a speech.

The head of the WTO warned that states that relied too much on the monthly Federation Account Allocation Committee (FAAC) would suffer and advised them to start planning for the day when petroleum products would no longer be able to support the nation.

“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,” Okonjo-Iweala stated.

“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.”

In order to win back Nigerians' support, the former finance minister of Nigeria advised the governors-elect to restore confidence via their policies and plans.

According to her, many trusts have suffered as a result of the results of the general elections in 2023.

“Honourable governors, let us be candid: trust in Nigeria has always been fragile but following the elections, a lot of trust has been broken.

“Through your words, deeds, and policies, you need to demonstrate to Nigerians that they are equally loved.

“That they can settle and do business in any part of the country without fear.

“I love Nigeria deeply and I want to feel welcome in any part of this country,” she added.