Okonjo-Iweala: Economic Reforms Must Translate to Jobs, Tangible Benefits

The quality of leadership, rather than abundant natural resources, will ultimately determine Nigeria's economic success, declared World Trade Organisation (WTO) Director-General Dr. Ngozi Okonjo-Iweala. Speaking at the 7th Africa Emerging Markets Forum in Abuja, she stressed that economic reforms must yield concrete benefits, such as job creation and improved livelihoods, for the citizenry.

Okonjo-Iweala, a former Nigerian Finance Minister, asserted that good governance alone could account for a significant portion of a nation's success. She urged Nigerian leaders to move beyond policy pronouncements and focus on implementation, creating opportunities for young people to build their futures domestically rather than seeking them abroad. "It's all about leadership," she stated, emphasizing the need for leaders who prioritize the country's interests and ask the right questions.

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It's all about leadership. We need leaders who have the interests of the country and the continent at heart, not themselves. Leaders who ask the right questions, focus on implementation, create jobs for young people and remove the obstacles preventing economic growth.

Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, who participated in a firechat with Okonjo-Iweala, highlighted key pillars for Africa's growth in an increasingly fragmented global economy. He called for strengthening macroeconomic stability, expanding regional integration, mobilizing domestic investment, and preparing the workforce for an AI-driven future. Cardoso also noted that investors now place a higher premium on institutional quality than ever before.

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Good governance cannot thrive without an active and engaged citizenry. People must be willing to raise their voices, participate in democratic processes and insist on doing the right thing. Equally important is the protection of free speech so that citizens can hold leaders accountable.

Okonjo-Iweala also underscored the importance of followership, stating that citizens must demand integrity, transparency, and accountability from their leaders. She argued that good governance requires an active and engaged citizenry willing to raise their voices and participate in democratic processes. The protection of free speech is equally vital, enabling citizens to hold leaders accountable.

While commending the CBN's reform efforts, Okonjo-Iweala cautioned that macroeconomic achievements must ultimately be felt by households and businesses. She emphasized the need to translate reforms into tangible improvements in the everyday lives of Nigerians, ensuring that economic progress is inclusive and benefits the broader population.

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I think what the central bank has done in trying to reposition itself and focus on its core mandate has been very commendable. But there are two challenges. One is how to translate these reforms into the everyday lives of Nigerians. Until people begin to feel the impact of these reforms in the real economy.