Abuja, Nigeria (May 13, 2024) – Nigeria’s trade deficit and attracting more investment were key topics addressed by World Trade Organization Director-General Ngozi Okonjo-Iweala during a recent visit to Abuja.
Okonjo-Iweala emphasized the importance of diversification for Nigeria’s economy. “Nigeria must do more to attract investment domestically and also from outside,” she stated. She pointed to the need for a business environment that encourages investment, not just in traditional sectors, but also in new industries that can create jobs and boost exports.
Her comments come on the heels of a recent report by the National Bureau of Statistics (NBS) revealing a trade deficit of N1.41 trillion for the last quarter of 2023. This highlights the need for Nigeria to not only increase exports but also potentially reduce reliance on imports.
Okonjo-Iweala also stressed the importance of leveraging the African Continental Free Trade Area (AfCFTA) as a potential market for Nigerian goods. “We have a large market here, but 1.4 billion is an even larger market,” she noted, referring to the combined population of Africa.
On a separate note, Okonjo-Iweala also spoke about the challenges faced by women in leadership positions. She called for increased female representation in government, both at the state and federal levels. While acknowledging the achievements of many women already in leadership roles, she emphasized the need for continued progress.
Minister Claims Tinubu’s Reforms Bearing Fruit
The economic reforms implemented by President Bola Tinubu are starting to show positive results, according to Budget and Economic Planning Minister Senator Abubakar Bagudu. In an interview, Bagudu claimed the reforms have restored confidence in the economy, attracting renewed interest from foreign investors.
While acknowledging the initial pain caused by the removal of fuel subsidies, Bagudu argued that the policy has freed up funds for critical infrastructure investments. He pointed out that these investments will ultimately stimulate economic growth.
The Minister further outlined various initiatives aimed at supporting different sectors of the economy, including agriculture, infrastructure, and social investment. He also commended the collaboration between the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser (ONSA) in stabilizing the national currency.
