The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has called on Nigeria to deepen and sustain its macroeconomic reforms in order to unlock new opportunities arising from shifts in global trade and supply chains.
Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on Wednesday, Okonjo-Iweala stressed that ongoing reforms must translate into jobs, improved living standards and tangible benefits for ordinary Nigerians.
“Nigerians have to feel the impact of reforms,” she said, adding that policy measures should ultimately improve livelihoods and strengthen the country’s competitiveness.
The WTO chief noted that the global economy is moving away from excessive dependence on a few markets towards more diversified trade relationships, as businesses seek alternative production locations following disruptions caused by the COVID-19 pandemic, geopolitical tensions and supply chain shocks.
She emphasised that countries that improve their business climate, maintain macroeconomic stability and attract investment would be better positioned to benefit from the ongoing diversification of global supply chains.
Okonjo-Iweala urged Nigeria to continue implementing broad-based macroeconomic reforms while taking a careful approach to fiscal policy, debt management and job creation. She also called for stronger coordination among monetary, fiscal and trade institutions to ensure that policy gains filter into productive sectors of the economy.
Highlighting opportunities for Africa, she noted that the continent holds an estimated 30 per cent of the world’s mineral reserves and should move beyond the extract-and-export model to focus on higher-value processing and deeper integration into global value chains. She further challenged African governments to invest in artificial intelligence, renewable energy and critical mineral value chains.
Okonjo-Iweala added that Africa has a unique opportunity to become a major contributor to the future global workforce and expand South-South trade, but success would depend on stronger regional cooperation, improved competitiveness and sustained economic reforms.
She underscored that good leadership remains critical, stating that the quality of leadership, rather than natural resources alone, will determine Nigeria’s future economic success.