Dr. Ngozi Okonjo-Iweala, has on Thursday, called for the restructuring of Nigeria’s economy, in the face of dwindling oil prices, amid the Covid-19 pandemic.
Dr. Okonjo-Iweala gave the advice when she appeared on Channels Television’s programme, Business Morning.
According to the former Minister of Finance, Nigeria and other African countries must look at other sources of revenue, to cushion the economic impact of dwindling oil prices.
She said that Nigeria has several sources of revenue, which should be tapped into, 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.
Her words: “There will be business cycles with commodity prices. What you also need to do, is make the economy less dependent on these commodities.
“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 stated.