Oil Prices: Okonjo-Iweala Recommends Economic Restructuring

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

Okonjo-Iweala gave the advice on Thursday when she appeared on Channels TV’s Business Morning. 

According to her, Nigeria and other African countries must look at other sources of revenue to cushion the economic impact of dwindling oil prices.

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The former Managing Director of the World Bank said Nigeria has several sources of revenue it should tap to create employment for the teeming masses.

She called on Nigeria to 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.

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,” she added.

Also, she said: “You have to look across board and say, ‘are we getting enough from these sectors,'” adding that “It is not just diversifying your economy, you have to diversify your sources of revenue; meaning you have to task better.”