Nigeria Must Deepen Reforms to Unlock Opportunities

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged Nigeria to sustain its macroeconomic reforms and ensure they translate into jobs and improved living standards if the country is to take advantage of emerging opportunities in global trade.

Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on Wednesday, Okonjo-Iweala said countries that improve their business environment, maintain macroeconomic stability and attract investment would be better positioned to benefit from the ongoing diversification of global supply chains.

She stressed that Nigeria should continue implementing broad-based economic reforms while adopting prudent fiscal policies, managing debt responsibly and prioritising job creation.

“Nigerians have to feel the impact of reforms,” she said, adding that economic policies should ultimately improve citizens’ welfare and strengthen the country’s competitiveness.

Okonjo-Iweala explained that the global economy is gradually shifting away from excessive dependence on a few production centres as businesses seek alternative locations following disruptions caused by the COVID-19 pandemic, geopolitical tensions and supply chain shocks.

Despite growing protectionist policies in some countries, she noted that about 72 per cent of global trade still takes place under WTO rules, highlighting the resilience of the multilateral trading system.

According to her, many countries are increasingly pursuing bilateral and regional trade agreements that extend beyond tariff reductions to broader economic cooperation.

The WTO chief also encouraged African countries to take advantage of opportunities in green industries and critical minerals, noting that the continent possesses an estimated 30 per cent of the world’s mineral reserves.

She urged African governments to move beyond the traditional extract-and-export model by investing in value addition and integrating more deeply into global value chains.

Okonjo-Iweala further called for comprehensive reforms of global trade institutions, including the WTO, warning that fragmentation of international trade would weaken global economic growth.

She advocated for open, predictable and rules-based trade as a means of protecting economies from external shocks while promoting export-led growth.

To attract greater investment, she said developing countries must strengthen their business climate, improve physical and digital infrastructure, and maintain stable macroeconomic policies.

She added that Africa’s youthful population presents a unique opportunity to become a major contributor to the future global workforce and expand South-South trade, provided countries improve competitiveness and deepen regional integration.

Also speaking at the forum, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, urged African nations and other emerging economies to take a leading role in shaping the evolving global economic order.

Cardoso said Africa’s growing workforce, expanding consumer market and vibrant innovation ecosystem offer significant prospects for long-term economic growth.

He stated that the CBN has prioritised transparency, policy consistency and institutional accountability as part of ongoing efforts to restore investor confidence and strengthen macroeconomic stability.

According to him, increasing investor interest indicates that Nigeria’s reform programme is gradually improving confidence in the country’s economic outlook, while emphasising that stronger international cooperation remains essential to addressing today’s interconnected global economic challenges.