Diversify economy now, Okonjo-Iweala tells FG

The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has advised the Federal Government to embark on bold economic reforms and pursue technological development in a bid to avert economic collapse.

She warned that the country risked economic doom in no distant future, if it failed to immediately embark on diversification from oil to other sources of survival.

She gave the warning on Monday when she paid a visit President Muhammadu Buhari to thank him and Nigerians for their roles in her emergence as the head of the WTO.

She said: “We need to have a game plan to be able to escape the consequence of a monolithic economy in a fast-changing world.”

She stressed Nigeria should tap into renewable energies, since some countries have already set timelines to end the use of vehicles and equipment operated with fossil fuel.

She said: “We have to start transitioning this Nigerian economy into other areas, where we will be able to create jobs and earn foreign exchange.”

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