Speaking at the opening ceremony of the 2024 Annual General Conference of the Nigerian Bar Association in Lagos State, Okonjo-Iweala said the actions of politicians have led the nation to its current state.  

“Nigeria would know that where we are, is not where we're supposed to be. If you compare our comparator countries to 1960, we saw the country at that time we were doing better than in terms of a character and they have overtaken Nigerians by far.  Nigerians are not happy that they are missing opportunities, and they are far below their potential as a nation.” This is according to Nigerian Economist, Professor Adeola Adenikinju, who agrees with Okonjo-Iweala's claims.

The issue of exports as well as the economy and its diversification also came up during the conference with oil being the biggest concern.

Prof Adenikinju says resources move from other productive activities into the oil industry and over time, the macroeconomic policies don't support growth of other sectors like manufacturing and agriculture. Over the years there have been other services to diversify the economy and unfortunately, the government is not able to do that even in the oil sector.  

Director  Okonjo-Iweala suggested that for more stability in Nigeria’s economy, there has to be a cross-party social contract of sorts, dissuading the change of certain working policies should an administration change.

Furthermore, she stressed the importance of security and prioritizing the lives of Nigerians, properties, and assets, referring to it as the first component of the social contract.

--ChannelAfrica--