Okonjo-Iweala Calls for Diversification to Boost Nigeria’s Economy

Ngozi Okonjo-Iweala, the director-general of the World Trade Organisation (WTO), has emphasized the need for Nigeria to diversify its economy to attract investment and boost its trade surplus.

In a meeting with the Duchess of Sussex and other women at the Nigerian Women in Leadership event, she highlighted the importance of creating an enabling environment for domestic and foreign investment to spur economic growth.

Okonjo-Iweala’s Insights on Economic Diversification:
According to the National Bureau of Statistics (NBS), Nigeria experienced a trade deficit of N1.41 trillion between October and December of 2023. While the country’s exports amounted to N12.69 trillion, imports stood at N14.11 trillion, resulting in a trade deficit. Okonjo-Iweala stressed the need for Nigeria to attract investment both locally and internationally to address this trade imbalance.

Creating an Enabling Environment for Investment:
The WTO boss emphasized the importance of creating a conducive environment to attract investment in various sectors of the economy. She noted that incentivizing investors through policies and initiatives would encourage them to invest in production and industries, thereby attracting foreign capital. Okonjo-Iweala highlighted the potential of the African continental free trade area as a means to leverage the large market and increase trade surplus.
Empowering Women in Leadership:

At the Nigerian Women in Leadership event, Okonjo-Iweala discussed the challenges women face in leadership roles and ways to overcome them. She emphasized the need to increase the representation of women in political and governance positions at all levels. Okonjo-Iweala urged women to advocate for their leadership roles while calling on men to support gender equality in leadership positions.

The Duchess of Sussex’s Experience:
During the event, the Duchess of Sussex shared her experiences and insights on women empowerment and leadership. Her presence added value to the discussions and highlighted the importance of women supporting each other in leadership roles. The exchange of ideas and experiences between Okonjo-Iweala, the Duchess, and other women leaders fostered a platform for collaboration and empowerment.

Conclusion:
In conclusion, Okonjo-Iweala’s advocacy for economic diversification and women empowerment aligns with the need for inclusive and sustainable development in Nigeria. By attracting investment, boosting trade surplus, and promoting gender equality in leadership, Nigeria can harness its full potential for growth and prosperity. It is essential for stakeholders to collaborate and implement policies that support economic diversification and empower women for a brighter future.