Director General of the World Trade Organization, Ngozi Okonjo-Iweala, and billionaire businessman Tony Elumelu have urged Nigerian governors to focus on fiscal discipline, debt management, and youth engagement for successful nation-building.
At the induction programme for re-elected and elected governors in Abuja, Okonjo-Iweala warned that the country’s gross debt level had doubled, and the debt-to-GDP ratio had almost doubled from 20% to 39%, leading to an alarming debt service to revenue ratio that could impede investment and threaten recurrent expenditures. The former Minister of Finance encouraged governors to invest in infrastructure, education, basic health systems, and workers’ salaries, stating that economic development challenges and the country’s size and diversity make the task of nation-building a large one.
Okonjo-Iweala also highlighted that the COVID-19 pandemic and war have increased the number of Nigerians below the poverty line to 95 million, with an estimated 25 million at risk of facing hunger. She advocated for a trust-based compact amongst political and business leaders, with common principles, values, and policies for consistent delivery of democracy dividends. Okonjo-Iweala further urged Nigerian governors to gear up to attract businesses, take advantage of the digital economy, and incentivize youths to stay and create jobs and wealth.
Tony Elumelu echoed similar sentiments, stating that the vast majority of Nigerian’s youthful population presents a constant and an opportunity. He challenged governors to prioritize youth engagement and catalyze socio-economic growth and development, emphasizing that youth empowerment was the sure means to achieve this.
The event was attended by re-elected and elected governors, past governors, members of the international community, resource persons, and a diversity of stakeholders. The week-long event seeks to equip governors with the necessary leadership, management, and governance skills to drive equitable, inclusive, and sustainable growth.
