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Nigeria’s former Finance Minister of finance, Dr. Ngozi Oknjo-Iweala
There will be recession and difficult times in the the wake of the coronavirus pandemic, Dr. Ngozi Okonjo-Iweala, Nigeria’s former Finance Minister, has said. She said this during an interview on Channels TV.
She urged the Buhari-led government and other African countries to diversify their economies and search for other means of revenue as difficult times were ahead occasioned by the COVID-19 pandemic.
Said Iweala when asked about the effect of oil prices on economies around the world: “What Nigerian government needs to do is to make the economy less dependent on these commodities and that is why for the longer time, restructure the economy so that you can also have other sources to create job for the people, other sources where you can tap revenues”.
The former minister advised that Nigeria and other African countries’ economies have a lot of sectors like agriculture, tourism, and creative industries to diversify into to make the economy work.
Said she: ”It is not just diversifying your economy but also diversifying your sources of revenue. This is what our country is going to look at now and start planning about how they are going to do better in the future.
“2020 spilling into 2021 is going to be a difficult year but I believe that if the world acts as one, if countries do not retreat into nationalism, populism, we will all have the resources to deal with these issues and help countries that do not have enough”.