Nigeria must sustain its macroeconomic reforms and ensure they translate into jobs and improved living standards if it is to benefit from shifts in global trade, according to the Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala.
Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on Wednesday, Okonjo-Iweala said 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.
She said Nigeria should continue implementing broad-based macroeconomic reforms while taking a careful approach to fiscal policy, debt management and job creation, stressing that citizens must begin to experience the tangible benefits of the reforms.
“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 said despite rising protectionist rhetoric, about 72 per cent of global trade still takes place under WTO rules, underscoring the resilience of the multilateral trading system. According to her, countries are increasingly pursuing bilateral and regional trade agreements that extend beyond tariffs to cover broader economic cooperation.
Okonjo-Iweala urged African countries to seize emerging opportunities in green industries and critical minerals, noting that the continent holds an estimated 30 per cent of the world’s mineral reserves. Rather than continuing an extract-and-export model, she said African economies should focus on higher-value processing and deeper integration into global value chains.
