The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has urged Nigeria to actively pursue global investors and supply chain relocations to drive job creation, deepen manufacturing, and reduce dependence on imports. Speaking at the World Economic Forum in Davos, Okonjo-Iweala noted that the current geopolitical tensions and supply chain disruptions present an opportunity for Nigeria to capture a share of global supply chains.
According to Okonjo-Iweala, Nigeria needs to move from stabilisation to job creation, which requires aggressive marketing of the country to prospective investors. She emphasized the need for the government to map out opportunities and develop strategies to attract investments, particularly in sectors such as manufacturing, pharmaceuticals, and renewable energy. Okonjo-Iweala suggested that Nigeria could attract investments in areas like solar panel production, textile manufacturing, and pharmaceuticals, which would help reduce the country’s reliance on imports.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, also speaking at the World Economic Forum, reiterated Nigeria’s commitment to fiscal discipline, attracting investment, and leveraging its resources to ensure sustainable growth in a fragmented global economy. Edun stated that the government aims to increase the tax-to-GDP ratio to 18% and channel resources into social services and infrastructure.
The World Economic Forum discussions come at a time when rising geopolitical tensions, particularly between the United States and China, have accelerated supply chain diversification. Companies are adopting “China+1” sourcing strategies to reduce single-country risk, and tariffs and trade restrictions have incentivized firms to reconsider their reliance on dominant suppliers. This shift presents an opportunity for Nigeria to position itself as a viable alternative for investors and supply chain operators.
To capitalize on this opportunity, Okonjo-Iweala stressed the need for Nigeria to showcase itself as a country worthy of investment, highlighting its potential for growth and development. By attracting investments and promoting economic diversification, Nigeria can reduce its dependence on imports, create jobs, and deepen its manufacturing sector. The government’s efforts to promote fiscal discipline, reform, and dialogue will be crucial in achieving these goals and ensuring sustainable growth in a rapidly changing global economy.
