Okonjo-Iweala Tasks FG to Consider Economic Restructuring

By Adedapo Adesanya

Nigeria’s former Minister of Finance, Mrs Ngozi Okonjo-Iweala, has called for the restructuring of country’s economy in the face of dwindling oil prices.

This year, COVID-19 pandemic and stay-at-home orders around the country, have forced demand down by at least 30 percent around the world.

Speaking on Thursday (April 23) during Channels TV’s Business Morning, Mrs Okonjo-Iweala said Nigeria must look at other sources of revenue to cushion the economic impact of the volatility facing oil prices.

Mrs Okonjo-Iweala, who once served in the capacity of Managing Director of the World Bank and is also affiliated with the International Monetary Fund (IMF) and the African Union (AU), further suggested that there are several sources of revenue that the country should tap into to create employment for the teeming masses.

She listed that Nigeria should look into the tourism, and creative sectors, among others, to shore up revenue.

“There will be business cycles with commodity prices. What you also need to do is make the economy less dependent on these commodities,” she said.

Mrs Okonjo-Iweala said learning how to task these sources of revenue should be a long-term plan.

“And that is why on the long term, there should be restructuring of the economy so that you have other sources that can create revenue.

“You have to look across board and say, ‘are we getting enough from these sectors.

“It is not just diversifying your economy, you have to diversify your sources of revenue; meaning you have to task better,” she added.