The World Trade Organisation (WTO), has warned Nigeria against its continue reliance on crude oil and gas as the major source of its revenue generation as the world is seriously moving towards the use of electric vehicles.
WTO Director General Okonjo-Iweala gave the warning at a meeting with the leadership of the Nigerian Export Promotion Council in Abuja.
She said it will do the Nigeian government a lot of good to transit from oil and gas based economy to other non-oil sectors by total diversification exercise.
Stressing that unless Nigeria diversifies its economy, it would be left behind by other countries. She also urged the government to support the growth of Micro, Small and Medium Enterprises, noting that they account for 76% of the jobs in Nigeria and contribute to 50% of the nation’s Gross Domestic Product (GDP).
Earlier, the Executive Director, Nigerian Export Promotion Council, Segun Awolowo said Nigeria has a lot to contribute to the international market place through non-oil products.
He however, noted that it was important for Nigeria to tap into the full potential of the its abundant resources and transcend into revenue for the growth of Small and Medium Enterprises (SMEs) the economy at large.