The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala disclosed that oil and gas are no longer viable sources of revenue, and has urged stakeholders to diversify their revenue sources so as to double the growth rate and sustain higher growth until the upper middle-income status is attained.
The WTO boss who made this disclosure on Monday, May 15, during the 2023 Governors Induction for New and Returning Governors at the Presidential Banquet Hall, State House in Abuja, tasked both the new and returning governors to diversify their revenue sources.
According to her, “We need to start preparing now for a time when our oil and gas will no longer serve us as the main sources of revenue. States with a heavy dependence on FAAC allocation will be particularly hit.”
“It is important that you governors start now to diversify your revenue sources. We ought to be seeking to double our growth rate and sustain that higher growth until we attain upper middle-income status.”