Okonjo-Iweala highlights six economic opportunities for Nigeria, Africa

Former Nigerian Finance Minister, Dr Ngozi Okonjo-Iweala, on Saturday, highlighted six economic opportunities for Nigeria and other African countries as they strive to recover from the negative shocks of the pandemic.

She made this known today at the 15th Convocation of Bowen University in Iwo, Osun State.

Okonjo-Iweala, who is the leading candidate for the job of director-general of the World Trade Organisation, spoke on ‘Revisiting Africa’s Economy Post-COVID-19’.

The convocation lecturer said the impact of the pandemic on Africa’s economy has been devastating, urging African leaders to look inwards and grow capacities for their respective economies.

The former World Bank director said, “As Africa recovers from the health and economic impacts of COVID-19, it must learn from the pandemic.

“COVID-19 has highlighted the existing structural and institutional weaknesses of Africa’s economy but it has also cast a light on existing opportunities and opened up new ones. Africa must seize all these factors to re-fashion its economy and build it with more resilience.

“Let me highlight six opportunities and approaches for re-fashioning a post-COVID-19 African economy.”

According to her, increasing the industrialisation on the continent will provide more jobs for Africa’s youthful population.

“COVID-19 brought into relief Africa’s undiversified commodity-dependent economy. The lack of diversification relates to both products and sources of revenue.

“Africa must manufacture more through value-addition to the raw materials it exports. The transformation of cocoa into delicious Ivorian chocolate provides a good example.