TheCable

One week after handing over, Ngozi Okonjo-Iweala, the immediate past minister of finance, has warned whoever would take over from her to brace up for challenges.

Okonjo-Iweala advised the new government to entrust the economy into the hands of experts in order to weather the storm of plunging oil revenues.

She said she has had many offers since she left office but “want control over myself” and would likely “do something that gives me freedom”.

She was speaking at the just-concluded World Economic Forum on Africa, which held in Cape Town, South Africa.

“We have a serious situation with a cash crunch,” she told Bloomberg.

“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.

“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.

“We are all waiting for the new finance minister to be named.  Nigeria is full of talented people so they will find someone.”

Nigeria is struggling in the face of a 40 percent slump in crude prices in the second half of last year, which forced government to devalue the naira and embark on austerity measures.

The International Monetary Fund (IMF) forecasts that the economy would expand by 4.8 percent this year, down from 6.3 percent in 2014.