Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), advised the newly elected governors to diversify their regions’ sources of income and move away from relying solely on crude oil. Speaking at an induction ceremony held in Abuja, two weeks before the May 29 inauguration, she emphasized the need for states to plan for a future where oil and gas will not be the primary revenue generators.
According to Okonjo-Iweala, states heavily dependent on the monthly Federation Account Allocation Committee (FAAC) funds will face significant challenges. She stated, “We must begin making preparations now for a time when oil and gas will no longer be our main sources of income. States relying heavily on FAAC funding will be particularly vulnerable.”
The WTO chief urged the incoming governors to take immediate action in diversifying their sources of income. She stressed the importance of aiming for a doubled growth rate to achieve upper middle-income status and sustain that level of growth.
In addition to economic concerns, Okonjo-Iweala highlighted the need for governors-elect to regain the trust of the Nigerian people through their policies and programs. She acknowledged that trust had been eroded as a result of the 2023 general elections, and urged the governors to demonstrate their commitment to the welfare of the citizens.
“Honorable governors, let us be honest: trust in Nigeria has always been fragile, but the recent elections have further strained it,” said Okonjo-Iweala. “You must show Nigerians that they are cherished through your words, actions, and policies. People should feel safe and confident in conducting business anywhere in the country. As someone who deeply admires Nigeria, I want to feel at home wherever I am within its borders.”