World Bank urges Nigeria to diversify economy

World Bank managing director Ngozi Okonjo Iweala urged Nigeria on Monday to use the financial crisis as an opportunity to diversify its economy away from the oil and gas sector.

Iweala said “the oil price collapse is by far the biggest component of the external shock that has hit” the country and urged Nigeria to “take steps to diversify its economy as part of its response to the current crisis.”

“The crisis (…) is an opportunity to diversify and re-position the economy for steadier long-run growth,” Iweala told a discussion in Abuja on the “Global Financial Crisis: Impact and Implications for Nigeria.”
AFP