Former
Minister of Finance, Dr. Ngozi Okonjo-Iweala, has advised her would-be successor
to prepare for a “difficult year” because of plunging oil revenues.
She also
urged President Muhammadu Buhari to form a team of economic experts who can do
the job effectively.
In a chat
with Bloomberg in Cape Town on the sidelines of the World Economic Forum on
Africa, the economist said Nigeria has “a serious situation with a cash
crunch.”
“But
fundamentally, the economy is strong. If we can get through the cash crunch,
manage the way through, build on some of the assets we have, by next year,
things will be better.”
Nigeria
is struggling in the face of a 40 per cent slump in crude oil prices.
The next
finance minister needs to focus on “a strong policy, the fiscal consolidation
path that we have and looking toward diversification of revenue resources,” Okonjo-Iweala
said.
The
former managing director of the World Bank, said like other Nigerians, she is
also “waiting for the new finance minister to be named”.
“Nigeria
is full of talented people so they (Buhari administration) will find someone,”
she added.
On her
future plans, 60-year-old Okonjo-Iweala said she would take a break until
August and will then consider her career options.
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