Nigeria must diversify to attract investment, boost trade surplus – Okonjo-Iweala

The director-general of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala said Nigeria needs to continue to diversify attract investment and boost trade surplus.

Okonjo-Iweala stated this while addressing newsmen after a meeting with the Duchess of Sussex Meghan Markle and other women at the Nigerian Women in Leadership event in Abuja on Saturday.

Nigeria recorded N1.41 trillion trade deficit between October and December of 2023, according to the National Bureau of Statistics (NBS).

Within the period, Nigeria’s exports totalled N12.69 trillion, and total imports stood at N14.11 trillion — giving a trade deficit of N1.41 trillion.

Okonjo-Iweala said the Nigeria must do more to attract investment domestically and also from outside.

The WTO boss said the government must also “create the environment to attract investment”, adding that this would persuade them (the government) to invest in certain production and in different kinds of industries to attract people from outside.

She stated, “If we are going to go into surplus, we also have to think of how to make use of the African continental free trade area because we have a large market here but 1.4 billion is an even larger market.

“Those are the things we have to do.”Speaking on the challenges facing women, Okonjo-Iweala stressed on the for women support themselves and improve their positions in the country.

She pointed out that women have continued to face many challenges while trying to become leaders.

Okonjo-Iweala said it is imperative to increase the percentage of women in leadership positions both in the states and at the federal government level.

“How do we improve the position of women in the country? We have a very low percentage of women in the National assembly. We have never had a woman governor, let alone something higher,” she said.

“That has to change but no one is going to hand it to the women. Women have to fight for it, but the men also have to support because you cannot have 50 per cent of your population not participating.

“So, these were some of the issues we discussed today and we have to proffer solutions on how the women could deal with challenges of leadership.“

Most of the women in the room here are already leaders; they are not even struggling to get to the top as they are already there.”

Okonjo-Iweala, however, said the highlight of the event was when the Duchess shared her experiences.