Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala
Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has urged the Federal Government to sustain its macroeconomic reforms while ensuring that ordinary Nigerians benefit through improved living standards, job creation and stronger economic opportunities.
Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on Wednesday July 29, Okonjo-Iweala said Nigeria was well positioned to benefit from ongoing shifts in global trade if it maintained macroeconomic stability, improved the business environment and attracted more investment.
She stressed that the success of the government’s economic reforms would ultimately be measured by their impact on the lives of Nigerians.
“Nigerians have to feel the impact of reforms,” she said, noting that government policies should improve livelihoods while strengthening the country’s competitiveness.
The WTO chief called for continued implementation of broad-based macroeconomic reforms alongside prudent fiscal management, sustainable public debt and policies that promote job creation and long-term economic growth.
She said changes in the global economy, driven by the COVID-19 pandemic, geopolitical tensions and other disruptions, were encouraging businesses to diversify supply chains beyond traditional manufacturing hubs.
According to her, countries that create favourable business environments and maintain stable economic policies will be best placed to benefit from the evolving global trading landscape.
Okonjo-Iweala also noted that despite rising protectionist measures in some countries, about 72 per cent of global trade is still conducted under WTO rules, underscoring the resilience of the multilateral trading system. She added that bilateral and regional trade agreements are increasingly expanding beyond tariff reductions to promote wider economic cooperation.
She urged African countries to capitalise on opportunities in green industries and critical minerals, noting that the continent holds about 30 per cent of the world’s mineral reserves. She said African nations should move beyond exporting raw materials by investing in value addition and integrating more deeply into global value chains.
The WTO Director-General further called for reforms of global institutions, including the WTO, warning that increased fragmentation of international trade could weaken global economic growth. She advocated an open, predictable and rules-based trading system to support export-led growth and protect economies from domestic shocks.
To attract greater investment, she said developing countries must improve their business climate, strengthen physical and digital infrastructure and maintain sound macroeconomic policies.
Okonjo-Iweala added that Africa has the potential to become a major contributor to the global workforce while expanding trade among developing economies, but said achieving this would require stronger regional cooperation, enhanced competitiveness and sustained reforms.
Also speaking at the forum, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, urged African countries and other emerging economies to take a more active role in shaping the evolving global economic order rather than merely responding to global developments.
Cardoso said Africa’s growing population, expanding consumer market and innovation ecosystem present significant opportunities for long-term growth. However, he stressed that these advantages must be backed by prudent macroeconomic policies, stronger institutions and deeper regional integration.
On Nigeria’s reform programme, the CBN governor said the apex bank had prioritised transparency, policy consistency and institutional accountability to rebuild investor confidence and strengthen macroeconomic stability.
According to him, growing investor interest suggests that the government’s reform agenda is beginning to restore confidence in Nigeria’s economic prospects.
He also underscored the importance of international cooperation, saying no country can effectively address today’s interconnected economic challenges in isolation.
Okonjo-Iweala’s remarks come days after President Bola Tinubu defended his administration’s economic reforms, saying measures introduced since 2023—including the removal of petrol subsidies, reductions in electricity subsidies and the liberalisation of the foreign exchange market—have stabilised the economy and renewed investor confidence despite the hardship faced by many Nigerians.
The President said the reforms were beginning to yield positive macroeconomic results, citing increased investment in the oil and gas sector, improved domestic refining capacity, ongoing road and rail infrastructure projects, and efforts to strengthen the power sector as signs that the economy is on a path to long-term growth.
