WTO chief says sustained reforms, stronger institutions and investment-friendly policies will position Nigeria to benefit from shifting global trade patterns…….
The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has urged Nigeria to sustain its ongoing macroeconomic reforms while ensuring they deliver meaningful improvements in employment opportunities and the standard of living for citizens.
Speaking on Wednesday at the opening of the 7th Africa Emerging Markets Forum in Abuja, Okonjo-Iweala said countries that maintain macroeconomic stability, improve the business environment and attract investment will be best placed to take advantage of the changing dynamics of global trade.
She stressed that while Nigeria’s reform agenda remains important, its success should ultimately be measured by its impact on ordinary Nigerians.
“Nigerians have to feel the impact of reforms,” she said, noting that economic policies must translate into better livelihoods, increased competitiveness and sustainable growth.
According to the WTO chief, the global trading system is undergoing a significant transformation as companies diversify supply chains following disruptions caused by the COVID-19 pandemic, geopolitical conflicts and persistent supply chain challenges. She said this shift presents new opportunities for countries that can offer stable and competitive investment destinations.
Okonjo-Iweala also dismissed concerns that the global trading system is collapsing, noting that approximately 72 per cent of world trade continues to operate under WTO rules despite growing protectionist sentiments. She added that countries are increasingly complementing multilateral trade with bilateral and regional agreements that extend beyond tariff reductions to broader economic cooperation.
She called on African governments to capitalise on opportunities in green industries and critical minerals, pointing out that the continent possesses nearly 30 per cent of the world’s mineral reserves. Rather than exporting raw materials, she urged African economies to prioritise local processing, value addition and deeper participation in global value chains.
The WTO Director-General further advocated reforms to global trade institutions, including the WTO itself, warning that increased fragmentation of international trade could weaken economic growth. She argued that open, transparent and rules-based trade remains essential for boosting exports and helping countries withstand economic shocks.
To attract greater foreign investment, she said developing economies must improve infrastructure, strengthen the ease of doing business and preserve macroeconomic stability.
She also described Africa as a future driver of global economic growth, citing its youthful population and expanding workforce. However, she said unlocking the continent’s full potential would require stronger regional integration, improved competitiveness and sustained economic reforms.
Also speaking at the forum, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said Africa and other emerging markets should move beyond reacting to global economic developments and instead play a more active role in shaping the future international economic order.
According to Cardoso, Africa’s growing population, expanding consumer market and vibrant innovation ecosystem provide a solid foundation for long-term growth, but these advantages must be supported by sound macroeconomic policies, stronger institutions and deeper regional cooperation.
Highlighting Nigeria’s ongoing reform programme, the CBN governor said the apex bank has prioritised transparency, policy consistency and institutional accountability to restore investor confidence and strengthen macroeconomic stability.
He noted that rising investor interest in Nigeria suggests the government’s economic reforms are beginning to improve confidence in the country’s long-term outlook.
Cardoso also emphasised the importance of global cooperation, saying no country can effectively tackle today’s interconnected economic challenges in isolation and that stronger international partnerships will remain critical to sustainable growth.
