The World Trade Organization’s (WTO) director-general, Ngozi Okonjo-Iweala, asserts that Nigeria must keep diversifying to boost its economy.
Following her meeting with Meghan Markle, the Duchess of Sussex, and other women at the Nigerian Women in Leadership event on Saturday in Abuja, Okonjo-Iweala addressed reporters.
Nigeria’s trade deficit from October to December of 2023 was N1.41 trillion, according to the National Bureau of Statistics (NBS).
Nigeria had a trade deficit of N1.41 trillion during the period, with total imports of N14.11 trillion and exports of N12.69 trillion.
The head of the WTO remarked during the occasion that more has to be done by the nation to draw in both foreign and domestic investment.
To draw in foreign investment, Okonjo-Iweala stated that the government must also “create the environment to attract investment.” She went on to say that this would encourage the government to make investments in certain businesses and production lines.
“We have a large market here, but 1.4 billion is an even larger market, so if we are going to go into surplus, we also have to think about how to make use of the African continental free trade area,” she stated.
“Those are the things we must accomplish.”
Speaking further about the primary goal of the gathering, Okonjo-Iweala noted that the conversation with the duchess included topics like the obstacles that women have when attempting to assume leadership roles and how they might overcome them.
According to Okonjo-Iweala, there was discussion about how women should better their status in the nation and sustain themselves.
She made the point that women still encounter numerous obstacles in pursuing leadership roles.
According to Okonjo-Iweala, it is critical to raise the proportion of women in leadership positions in both state and federal governments.
“How can the status of women in our nation be improved? The proportion of women in the National Assembly is quite low. Let alone anything higher, we have never had a female governor,” the woman remarked.
“Though no one will give it to the women, that has to change. Men must support it as well as women fight for it, as you cannot have half of your population not participate.
These were some of the topics we covered today, and we need to suggest ways for women to handle the demands of leadership.
“The majority of the women in this room are already leaders; they don’t even need to strive to rise to the top because they already are.”
However, Okonjo-Iweala claimed that the Duchess’s account of her experiences was the event’s high point.