He made the much-anticipated announcement in front of a crowd of more than 300 people at a fundraising dinner in Lae last Saturday.
Sir Nagora also revealed his vision for transforming Papua New Guinea, which he fears is headed down the pathway of becoming a failed state.
The audience included former prime minister Sir Julius Chan, National Party leader Kerenga Kua MP, New Generation Party leader Bire Kimisopa MP, Lae business leaders and representatives from Lae civil society.
Sir Nagora said he offered a wealth of experience in both the public and private sectors.
He said PNG was going down the pathway of a failed state if it did not transform for the better.
“We have spent money that we didn’t have,” he said.
“Now we are struggling because we thought we would have wealth.
“I foresee that if we don’t get it corrected, maybe 10 years from now we are headed for catastrophe.
“To benchmark that look at some African countries; the journey that they have taken.
“Many of those countries became stuck in a position where they could not pay off their debts. “If we are not careful, we are heading down that way.
“We will have the distinction of being a country that failed – that’s the reality.”
Sir Nagora said a total transformation was needed to save the country.
“I think the time has come that the old line of thinking – where policies are articulated in the absence of people out there like the private sector and civil society – must stop,” he said.
“We have bureaucrats in Waigani making policy decisions that will affect you and me, yet, some of them have not even got out of the comfort of Waigani and gone out and seen the reality.”
Sir Nagora offered suggestions to save the country.
“The key thing is to unlock the economic potential that we have, by having in place a clear policy to diversify the economy,” he said.
“Let’s concentrate on economic diversification.”