Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), has emphasized Nigeria’s urgent need for diversification to attract investment and enhance its trade surplus.
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Addressing reporters after attending the Nigerian Women in Leadership event in Abuja alongside the Duchess of Sussex, Meghan Markle, Okonjo-Iweala highlighted Nigeria’s recent trade deficit of N1.41 trillion between October and December 2023, as reported by the National Bureau of Statistics.
She stressed the importance of both domestic and foreign investment, urging the government to create a conducive environment to attract investors. Okonjo-Iweala emphasized the significance of leveraging the African continental free trade area to expand Nigeria’s market opportunities.
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Regarding gender equality and women’s leadership, Okonjo-Iweala underscored the need for increased representation of women in leadership positions at all levels of government. She urged women to actively pursue leadership roles while calling on men to support gender parity initiatives.
Meanwhile, Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, commended President Bola Tinubu’s economic reforms, noting their positive impact on restoring confidence in Nigeria’s economy. Bagudu highlighted the removal of petrol subsidies and its role in freeing up funds for critical infrastructure investment.
He emphasized the government’s commitment to supporting various sectors, including agriculture, infrastructure, education, and health, to stimulate economic growth and job creation. Bagudu also praised collaborative efforts between the Central Bank of Nigeria and the Office of the National Security Adviser to stabilize the national currency.
Despite the challenges posed by reforms, Bagudu urged Nigerians to persevere, assuring them of President Tinubu’s empathy and the government’s dedication to revitalizing the economy for the benefit of all citizens.
