Stakeholders have urged the government to use the opportunity presented by the COVID-19 pandemic to diversify the economy and spend wisely.
They spoke during a virtual discussion on ‘COVID-19 and the oil price crash: Nigeria’s tough choices’, organised by Africa Initiative for Governance, in collaboration with the Blavatnik School of Government, University of Oxford.
Participants at the webinar included the founder and Chairman of AIG, Aigboje Aig-Imoukhuede; ex-President Olusegun Obasanjo; former Emir of Kano State, Sanusi Lamido Sanusi; the Speaker, House of Representatives, Femi Gbajabiamila; and the Head of the Civil Service of the Federation, Folasade Yemi-Esan.
The webinar also featured the Vice President for Equitable Growth, Finance and Institutions at the World Bank, Dr Ceyla Pazarbasiogu; and the Professor of Economics and Public Policy at the Blavatnik School of Government, University of Oxford, Paul Collier; and the Dean, Blavatnik School, Prof. Ngaire Woods.
Aig-Imoukhuede, in his opening address, said while governments had so far committed $15.6tn in response to COVID-19, an average of $2,042 per person, Nigeria’s $6.5bn in commitments amounted to a paltry $32.50 per person. “COVID-19 has brought an opportunity for Nigeria to rethink and reinvent the way we lead our people, so that we can spend smartly, generate more revenue and also get them to act in a manner that will deal with this pandemic and other health issues,” he said.Obasanjo said the fall in crude oil prices presented an opportunity for Nigeria to eventually advance the diversification of her economy.All rights reserved.
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