World Trade Organisation (WTO) Director-General, Dr. Ngozi Okonjo-Iweala and businessman Tony Elumelu, yesterday offered tips on how Nigeria can reverse its precarious economic fortunes and grow its economy.

They advised the incoming federal and state executives to create a conducive environment capable of attracting much-needed investments by addressing existing infrastructure and social challenges.

The duo spoke in Abuja at the induction ceremony for re-elected and newly elected governors, organised by the Nigeria Governors’ Forum (NGF), with support from Premium Trust Bank.

President Muhammadu Buhari was represented at the event by his Chief of Staff, Prof. Ibrahim Gambari.

The President urged those aggrieved over the outcome of the last general elections to explore lawful means to seek redress.

In his view, the outcome of the just concluded election showed that the nation’s democracy had improved and had elevated the electorate to the driving seat.

The President, who called for patience, noted that democracy was a process that takes time to mature.

“We must therefore be patient, tolerant and use the appropriate channels to seek redress if we believe there have been unfair practices along the way.

“As you can tell, I am speaking as a veteran of the process, with the scars to show for it.

“One interesting development that we all saw from the last election is that the electorate is maturing, and people are increasingly finding their voices.

“Any public officer who fails to either meet up with the expectations of the people or deliver on his campaign promises would be voted out in the next election,” President Buhari said.

The President urged the newly elected governors not to take public trust for granted.

Okonjo-Iweala and Elumelu expressed concern about the economy, particularly its rising debt profile, and dwindling production capacity. They suggested ways these can be remedied.

The WTO DG charged state governments to be creative, evolve ways of growing their resource base and depend less on federal allocation.

Okonjo-Iweala noted the country’s challenges on the fiscal, debt, and monetary policy fronts.

She said: “Nigeria’s gross debt level has climbed from N19.3 trillion in 2015 to N91.6 trillion in 2023. The debt-to-GDP ratio has almost doubled from 20 per cent to 39 per cent over that period.

“While the debt-to-GDP ratio may not look so alarming, as revenues decline, the burden of debt servicing has increased dramatically.

“The debt service to revenue ratio is certainly alarming, at 83.2 per cent in 2021 and 96.3 per cent in 2022, according to the World Bank. This means that at the federal level, after servicing our debt there is little room to pay for recurrent expenditures, let alone investment.

“The fiscal deficit of 5.3 per cent of GDP is higher than our agreed fiscal rule of 3 per cent of GDP. This has to be carefully monitored and brought down. Dealing with the fiscal deficit will, of course, be infinitely more difficult with an oil subsidy bill of N3.36 trillion for the first half of 2023 (or N6.72 trillion if it is not removed). The deficit is made worse by revenue losses from oil theft.

“The difficulties around this issue underscore the importance of political consensus – whether you are in government or the opposition – on policies critical for nation-building.”

“On the revenue side, states have a substantial responsibility. Too few states are raising internally generated revenue of any significance.”

She urged the newly elected officers to work to build trust among Nigerians and work on ways to address the divisions created by the last elections.

The former Finance Minister urged the government to address the increasing rate of emigration among the young population.

She said: “The most popular phrase in Nigeria now is ‘I am going to japa.’ I am not telling people not to go, but what I am saying is how many of these japas can we afford? If you japa we want you to ‘kakpa’ (return).”

“Excellencies, (referring to the governors) you must make your states and all of Nigeria a hospitable, encouraging place where young people want to stay and thrive, not leave.

“Much as we appreciate remittances sent home by these migrants, Nigeria will not develop and prosper if its youthful, tech-savvy population leaves. Without them, our demographic dividend disappears,” she said.

Elumelu urged the governors to evolve policies targeted at the youth to ensure the country benefits from their potential and capabilities.

He said: “I have seen how, in the power sector, when government, private sector and community align, the results are transformational.

“To our political leaders, united today, in this essential forum, I say create more private sector-friendly policies to increase wealth creation and encourage entrepreneurship.

“As leaders, policymakers, and stakeholders in our society, we must recognize the potential of entrepreneurship to promote youth engagement and wealth creation in Nigeria.

“We must invest in programs that support and encourage young people to pursue their dreams and develop the skills they need to succeed as entrepreneurs.”