The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has urged the Nigerian government to actively pursue global investors and supply chain relocations in order to reduce the country’s dependence on imports, boost manufacturing, and create jobs. Speaking at the World Economic Forum in Davos, Dr Okonjo-Iweala noted that the current geopolitical tensions, particularly between the United States and China, have accelerated the diversification of supply chains.
During a panel discussion titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” the WTO Chief emphasized that companies are adopting “China+1” sourcing strategies to mitigate single-country risk, despite China’s ongoing significance in global value chains. Additionally, tariffs and trade restrictions have prompted firms to reconsider their reliance on dominant suppliers
Comments are closed for this story.