Nigeria - Coordinating Minister for the Economy and Minister
of Finance, Dr. Ngozi Okonjo-Iweala, has at a session of the Council on Foreign
Relations in Washington DC given the incoming administration of Gen. Muhammadu
Buhari some advice about Nigeria’s economy.
Dr. Okonjo-Iweala urged Gen. Buhari to muster the political
consensus on how to build fiscal buffers like the Excess Crude Account (ECA),
noting that had the ECA not been depleted, the current economic difficulties
occasioned by the fall in oil prices would have been mitigated.
The minister also advised the new administration to pursue a
policy of aggressive diversification of the economy and focus more on
agriculture and non-oil revenue sources.
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