Nigeria must deepen reforms to unlock opportunities, says WTO DG Okonjo-Iweala

Nigeria must ensure its macroeconomic reforms translate into tangible benefits for citizens, such as job creation and improved living standards, to capitalize on shifts in global trade. This call comes from World Trade Organization Director-General Ngozi Okonjo-Iweala, speaking at the 7th Africa Emerging Markets Forum in Abuja.

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Nigerians have to feel the impact of reforms.

Okonjo-Iweala highlighted that countries improving their business climate, maintaining macroeconomic stability, and attracting investment are best positioned to benefit from the ongoing diversification of global supply chains. She stressed that policy measures should ultimately enhance livelihoods and strengthen Nigeria's competitiveness, noting that "Nigerians have to feel the impact of reforms."

The WTO chief observed a global trend away from over-reliance on a few markets towards more diversified trade relationships, driven by disruptions from the COVID-19 pandemic, geopolitical tensions, and supply chain shocks. Despite rising protectionism, she pointed out that approximately 72 percent of global trade still operates under WTO rules, demonstrating the resilience of the multilateral trading system.

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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 urged African nations to seize emerging opportunities in green industries and critical minerals, given the continent's significant mineral reserves. Instead of merely exporting raw materials, African economies should focus on higher-value processing and deeper integration into global value chains. Okonjo-Iweala also advocated for far-reaching institutional reforms, including within the WTO, to prevent trade fragmentation and foster economic growth through open, predictable, and rules-based trade.

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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.