Okonjo-Iweala urges Nigeria to sustain reforms, manage debt cautiously

Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation, has called on Nigeria to sustain its current economic reforms while exercising prudence in debt management. Speaking at the 7th Africa Emerging Markets Forum in Abuja, she emphasized that the benefits of these reforms must be tangible to citizens, particularly through job creation.

Okonjo-Iweala commended the Central Bank of Nigeria's monetary and foreign exchange reforms, urging continued commitment to macroeconomic stability and fiscal discipline. "Nigeria needs to continue the work on overall macroeconomic reforms with a careful approach to fiscal issues, contracting of debt, and debt management," she stated. "Above all, Nigeria needs to focus on creating jobs and economic opportunities for a young and hungry population. Nigerians have to feel the dividends of reform in the real economy."

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Nigeria needs to continue the work on overall macroeconomic reforms with a careful approach to fiscal issues, contracting of debt, and debt management. Above all, Nigeria needs to focus on creating jobs and economic opportunities for a young and hungry population. Nigerians have to feel the dividends of reform in the real economy.

Despite geopolitical tensions, Okonjo-Iweala noted the resilience of global trade, which reached a record $34.65 trillion in 2025. She highlighted that predictions of widespread trade fragmentation had not materialized, with a significant portion of global goods trade still operating under WTO rules. She encouraged African countries to capitalize on the diversification of global supply chains, especially in critical minerals, advocating for a shift from an "extract-and-export model" to developing regional value chains and processing industries for higher value and productivity growth.

Central Bank of Nigeria Governor Olayemi Cardoso, also speaking at the forum, emphasized Africa's need to transform global disruptions into opportunities through robust institutions, deeper regional integration, and increased investment in technology. He pointed out that trade fragmentation, selective capital flows, and rapid advancements in artificial intelligence are reshaping the global economy. Cardoso lamented that intra-African trade remains low at approximately 16 percent, underscoring the need for stronger regional value chains, improved infrastructure, and harmonized customs systems.

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For Africa in particular, instead of the extract-and-export model… the goal should be higher value, higher productivity growth driven by the development of sub-regional value chains.