Nigeria’s incoming governors have been advised to stop depending on crude oil and diversify the sources of revenue in their domains.

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala gave the advice on Monday during an induction organised for elected governors in Abuja.

According to the WTO boss, over-dependence on the monthly Federation Account Allocation Committee (FAAC) would be badly hit, because a time is coming when oil and gas will no longer serve as the main sources of government revenue.

“We need to start preparing now for a time when our oil and gas will no longer serve us as the main sources of revenue. States with a heavy dependence on FAAC allocation will be particularly hit,” Okonjo-Iweala stated.

“It is important that you governors start now to diversify your revenue sources. We ought to be seeking to double our growth rate and sustain that higher growth until we attain upper middle-income status”, she said.

She urged the governors-elect to rebuild trust through their policies and programmes to regain the support of Nigerians.

The former Nigeria’s Coordinating Minister for the Economy/Minister of Finance, noted that a lot of trust had been broken following the 2023 general elections.

“Honourable governors, let us be candid: trust in Nigeria has always been fragile but following the elections, a lot of trust has been broken.

“Through your words, deeds, and policies, you need to demonstrate to Nigerians that they are equally loved. That they can settle and do business in any part of the country without fear. I love Nigeria deeply and I want to feel welcome in any part of this country,” she added.