Dr. Ngozi Okonjo-Iweala, Director General of World Trade Organisation (WTO), has warned of Nigeria’s continued reliance on crude oil and gas as the major source of revenue to the government.
Okonjo-Iweala sounded the warning on Wednesday in Abuja at a meeting with Women Entrepreneurs in Nigeria held at the headquarters of the Nigerian Export Promotion Council (NEPC).
She urged the government to transit from oil and gas based economy to other non-oil sectors.
She pointed out that unless Nigeria diversifies her economy, it would be left behind by other countries.
She said, “I have kept on harping that Nigeria should transit from oil and gas based economy to producing in other non-oil sector.
“This is because of the climate change. Fossil fuels which are oil and gas, that Nigeria depends on, are on their way out.
“Many countries are saying that from 2025, they are not going to allow petrol powered vehicles into their countries.
“In the event of this development, we need to ask ourselves, what is Nigeria going to do?
“What are our children going to depend on?
“We have to think out what to do or else, we will be in trouble in the near future.”
Okonjo-Iweala further underscored the need for the government to support the growth of Micro, Small and Medium Enterprises, noting that they account for 76% of the jobs in Nigeria and contribute to 50% of the nation’s Gross Domestic Product (GDP).
The Nigeria’s former Minister of Finance however said MSMEs in the country only account for 7.6percent of the export, as they are under-represented in the export market.
She noted that Nigeria has the potential to export many products, she however urged entrepreneurs to improve their products and ensure quality packaging of their products.
Commenting on the activities of women entrepreneurs in Nigeria under the auspices of the International Trade Centre (ITC), the Director General of WTO showered encomiums on them.
She commended their ingenuity, creativity and resilience in the face of debilitating factors.
She pledged that WTO would support their entrepreneurial endeavour and showcase them in the regional market.
