By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: How Government Can Achieve Lasting Economic Development in Nigeria – Ngozi Okonjo Iweala
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

How Government Can Achieve Lasting Economic Development in Nigeria – Ngozi Okonjo Iweala

Farouk Mohammed
By Farouk Mohammed
Published: February 23, 2016
Share
3 Min Read
SHARE

NGOZI-OKONJO-IWEALA11-1-1-1

Nigeria’s Former Coordinating Minister for the Economy Dr. Ngozi Okonjo-Iweala, has enumerated how the government of a developing country can attain sustained development.

Speaking in a recent interview, the ex Finance Minister identified structural reforms, institution building and the need to achieve macro-stability as the requirements to achieve sustainable development in any nation.

She stressed that any policy maker that wants to sustain development, and leave a lasting impact, really needs to put in systems, processes, and institutions that would drive development going forward.

- Advertisement -

Responding to a question on how the immediate past government she worked under was able to drive growth, she said they looked at “the missing pieces,” and resolved that in order to drive Sustainable Development Goals (SDGs), “you need to diversify your economy away from one resource, you need to strengthen your revenue management framework, you need to present leakages.”

“We put into place financial management systems with biometrics that really began to build a framework that would take us away from cash management with the problems of corruption and leakages to electronic management systems for finance.

“The second thing we tried to do or beginning to do was some of the structural reforms that would be necessary for the economy. We tried to look at what were the biggest sources of fiscal drain, we looked at enterprises, and we looked at those places in the economy where we needed to tackle issues that could unleash private sector investment.”

She explained that the Development Bank of Nigeria was established to support operators of small and medium scale enterprise (SMEs) so that they would be able to grow.

- Advertisement -

“This is another trend that is critically important: how do you foster growth within an economy, how do you help informal enterprises to grow and create more jobs, because often it’s not the huge businesses that create the most jobs. So, building an institution that can begin to plug the gap and be sustainable – the same as many countries have done: the German’s have KfW, the American’s have the Small Business Administration.

“We don’t have these kind of things in our countries, and because we’re missing these institutions that means we continue to struggle. So the second lesson that I’d say we learned that is important for development is to really look for what is missing institutionally from your economic landscape, and try to put them in, because without those institutions built, you will not be able to develop. And then undertake the right structural reforms in those regulatory reforms, freeing up space for business that will enable your private investment to take place, because the government create the jobs needed,” she added

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Economic DevelopmentNgozi Okonjo-IwealaNigeria
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article PHOTOS: President Buhari Being Welcomed By Prince Faisal bin Bandar Al Saud of Saudi Arabia
Next Article List of African Countries Whose Currencies Are Stronger Than Naira

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?