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Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has said Nigeria’s economic reforms will only earn lasting public confidence if they create jobs and improve the lives of ordinary citizens.
She made the remarks on Tuesday during a fireside chat with the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, at the 7th Africa Emerging Markets Forum (EMF) held in Abuja.According to Okonjo-Iweala, Nigeria’s future prosperity depends more on effective leadership than on its abundant natural resources. She argued that good governance could account for as much as three-quarters of the country’s success if leaders remain committed to the public good.
The former Minister of Finance urged Nigerian leaders to move beyond making policy announcements and focus on implementing reforms that create employment, expand economic opportunities and encourage young people to build their future in the country instead of seeking opportunities abroad.
She said, “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.
“If we get leadership right, that alone takes us a very long way. I hope we will indeed have a continent and a country where young people are not seeking to leave, but are seeking to stay because opportunities exist for them here.”Okonjo-Iweala also stressed that nation-building is not the responsibility of leaders alone, noting that citizens have a critical role to play in demanding accountability and promoting good governance.
She added, “Citizens must demand integrity, transparency and accountability from those who govern them. 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. This responsibility does not lie with the media alone. It belongs to everyone.”
While commending the Central Bank of Nigeria for its ongoing reforms, the WTO chief maintained that the true measure of success would be the extent to which those reforms improve the daily lives of Nigerians.
She said, “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 and see tangible benefits, there will continue to be criticism.
“It will not be easy to sustain public support unless people are convinced that they stand to benefit from the reforms.”
She further called for closer collaboration between monetary, fiscal and trade authorities to ensure that economic policies stimulate productive sectors and deliver meaningful growth across the economy.
Speaking at the forum, CBN Governor Olayemi Cardoso said Africa must respond strategically to the challenges of an increasingly fragmented global economy. According to him, the continent should prioritise macroeconomic stability, deepen regional integration, mobilise domestic investment and equip its workforce with the skills needed for an artificial intelligence-driven future.
Cardoso also observed that global investors now pay greater attention to the strength of institutions, transparency and policy consistency when making investment decisions.
He stressed that macroeconomic stability remains essential for attracting investment and expanding regional trade, noting that Nigeria contributes between 60 and 70 per cent of West Africa’s Gross Domestic Product (GDP) and accounts for about one-quarter of Africa’s total economy.
According to the CBN governor, Nigeria’s economic performance has implications far beyond its borders.He said, “If Nigeria gets it right, the benefits will extend far beyond our borders. That is why we simply cannot afford to get it wrong.”
