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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