Nigeria must sustain its ongoing macroeconomic reforms and ensure they translate into job creation and improved living standards if it hopes to take advantage of changing global trade patterns, according to the Director-General of the World Trade Organisation (WTO), 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 environment, maintain macroeconomic stability and attract investment will be better positioned to benefit from the ongoing diversification of global supply chains.
She urged Nigeria to continue implementing broad-based economic reforms while maintaining a balanced approach to fiscal policy, debt management and employment generation, stressing that citizens must begin to experience the practical benefits of the reforms.
“Nigerians have to feel the impact of reforms,” she said, adding that government policies should ultimately improve livelihoods and strengthen the country’s competitiveness.
The WTO Director-General noted that the global economy is gradually reducing its dependence on a few major markets as businesses diversify production locations following disruptions caused by the COVID-19 pandemic, geopolitical tensions and supply chain challenges.
She observed that despite growing protectionist rhetoric, about 72 per cent of global trade still operates under WTO rules, highlighting the resilience of the multilateral trading system. She added that many countries are also expanding bilateral and regional trade agreements that go beyond tariff reductions to include broader economic cooperation.
Okonjo-Iweala encouraged African countries to maximise 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 governments to move beyond exporting raw materials by investing in value addition and greater participation in global value chains.
She also advocated comprehensive reforms of global institutions, including the WTO, warning that increasing fragmentation of global trade could weaken economic growth. Instead, she called for an open, predictable and rules-based trading system capable of supporting export-led growth and protecting economies from domestic shocks.
To attract higher levels of investment, she advised developing countries to strengthen their business climate, improve physical and digital infrastructure, and maintain stable macroeconomic policies.
Okonjo-Iweala further noted that Africa has a unique opportunity to become a major contributor to the future global workforce while expanding South-South trade. However, she stressed that this would require stronger regional cooperation, improved competitiveness and sustained economic reforms.
Also speaking at the forum, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, called on African countries and other emerging economies to take a leading role in shaping the evolving global economic order rather than simply responding to it.
Cardoso said the world economy is undergoing significant transformation and argued that the key challenge for emerging markets is no longer whether to adapt to change but whether they can actively influence the future global system.
He highlighted Africa’s growing workforce, expanding consumer market and vibrant innovation ecosystem as important drivers of long-term growth, while emphasising the need for prudent macroeconomic policies, stronger institutions and deeper regional integration.
Speaking on Nigeria’s economic reforms, the CBN governor said the apex bank has prioritised greater transparency, policy consistency and stronger institutional accountability to rebuild investor confidence and reinforce macroeconomic stability.
According to him, the increasing level of investor interest indicates that the government’s reform agenda is gradually strengthening confidence in Nigeria’s economic outlook.
Cardoso also underscored the importance of international cooperation, noting that no country can effectively tackle today’s interconnected global economic challenges in isolation.
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