Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), emphasized the imperative for Nigeria to intensify diversification efforts to attract investment and enhance trade surplus. Addressing reporters following a meeting with Duchess of Sussex, Meghan Markle, and other women at the Nigerian Women in Leadership event in Abuja, Okonjo-Iweala highlighted the necessity for both domestic and foreign investment.
Against the backdrop of Nigeria's N1.41 trillion trade deficit between October and December 2023, as reported by the National Bureau of Statistics (NBS), Okonjo-Iweala stressed the urgency of creating an environment conducive to investment. She underscored the importance of leveraging initiatives like the African Continental Free Trade Area to capitalize on Nigeria's vast market potential.
In addressing challenges facing women, Okonjo-Iweala advocated for increased representation of women in leadership roles at both state and federal levels. Recognizing the existing gender disparities in Nigeria's political landscape, she called for concerted efforts to empower women and enhance their participation in decision-making processes.
Meanwhile, Senator Abubakar Bagudu, Minister of Budget and Economic Planning, lauded the economic reforms initiated by President Bola Tinubu, noting their positive impact on restoring confidence in Nigeria's economy. Bagudu highlighted the measures taken to stimulate growth across various sectors, including agriculture, infrastructure, and security, while acknowledging the temporary challenges posed by the removal of petrol subsidies.
Bagudu emphasized the government's commitment to supporting vulnerable segments of society and bolstering key sectors through increased funding and strategic interventions. He also commended collaborative efforts between the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) to stabilize the national currency and curb currency speculation.
As Nigeria navigates economic reforms and diversification strategies, sustained collaboration between government agencies, private sector stakeholders, and international partners remains critical to achieving sustainable growth and prosperity for all citizens.
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