Former Minister of Finance, Ngozi Okonjo-Iweala, has known as for the restructuring of Nigeria’s financial system within the face of dwindling oil costs.
Okonjo-Iweala gave the recommendation on Thursday when she appeared on Channels TV’s Enterprise Morning.
In accordance with her, Nigeria and different African nations should take a look at different sources of income to cushion the financial impression of dwindling oil costs.
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The previous Managing Director of the World Financial institution stated Nigeria has a number of sources of income it ought to faucet to create employment for the teeming plenty.
She known as on Nigeria to look into the tourism, and artistic sectors, amongst others, to shore up income.
“There will be business cycles with commodity prices. What you also need to do is make the economy less dependent on these commodities,” she stated.
Okonjo-Iweala stated studying find out how to activity these sources of income ought to 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.
Additionally, she stated: “You have to look across board and say, ‘are we getting enough from these sectors,’” including that “It is not just diversifying your economy, you have to diversify your sources of revenue; meaning you have to task better.”