Okonjo-Iweala Urges Nigeria to Deepen Economic Reforms

At the 7th Africa Emerging Markets Forum in Abuja on Wednesday, Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation, stated that Nigeria must sustain its macroeconomic reforms to translate into job creation and improved living standards. She highlighted that countries improving their business climates and maintaining macroeconomic stability would be better positioned to benefit from global trade diversification.

Okonjo-Iweala stressed the importance of citizens experiencing the tangible benefits of these reforms, advocating for policy measures that enhance livelihoods and competitiveness. She noted the global economy's shift towards diversified trade relationships and urged African nations to seize opportunities in green industries and critical minerals.

Furthermore, she called for institutional reforms at the global level, including WTO reforms, to prevent fragmentation of global trade. Olayemi Cardoso, Governor of the Central Bank of Nigeria, also emphasized the need for African nations to lead in the evolving global economic order.