WTO DG Ngozi Okonjo-Iweala says Nigeria must actively attract global supply chains to create jobs, boost manufacturing and cut import dependence

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged Nigeria to deliberately target global investors and relocating supply chains to accelerate job creation, deepen manufacturing capacity and reduce dependence on imports.

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She made the call on Wednesday during a discussion titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” held at Nigeria House on the sidelines of the ongoing World Economic Forum (WEF) in Davos.

A short clip from the session was shared by GLAZIA on its X handle.

Okonjo-Iweala noted that rising geopolitical tensions, particularly between the United States and China, have intensified supply chain diversification as companies adopt “China+1” strategies to reduce overreliance on a single production hub.

She said these global disruptions present a significant opportunity for Nigeria, but only if the country aggressively positions itself as an attractive investment destination.

“As you said, some good reforms are being pursued right now, but they need to yield to job creation. That is where we are lacking,” she said, referring to recent economic reforms.

According to her, Nigeria must move beyond macroeconomic stabilisation to deliberately target investments that generate employment and strengthen domestic production.

“What I would like to see is a continued effort to attract investment into the country, because there is an opportunity now to attract these supply chains,” she said.

She added that Nigeria must actively court investors across major economies.

“Everything we can do to showcase Nigeria as a country worthy of investment is what we should be doing. We should deliberately have strategies to go after those investments and investors—to go to China, the US, whatever it takes—to come and invest in our country.”

While noting that much of the current supply chain diversification remains within Asia, with India emerging as a key destination, Okonjo-Iweala said Nigeria should position itself to attract a sizeable share of the shifting value chains.

She highlighted renewable energy, textiles and pharmaceuticals as priority sectors.

“Let’s build solar panels in Nigeria. We are importing, but we can also manufacture. We have the renewable capacity,” she said.

On textiles, she lamented Nigeria’s heavy reliance on imports.

“Every time I buy a piece of wax fabric, I check to see where it’s made. Many of the shiny new textiles we are wearing now are not made in Nigeria; a lot of them are imported.”

She also pointed to pharmaceuticals as another sector with strong potential for local manufacturing and investment.

The panel also featured the Managing Director of the Bank of Industry, Dr Oludapo Olusi.

Meanwhile, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, speaking earlier to Bloomberg at the World Economic Forum, said the country remains focused on discipline, reform credibility and sustained engagement amid increasing global fragmentation.

Edun disclosed that the Federal Government aims to raise Nigeria’s tax-to-GDP ratio to 18 per cent in the short term, with increased revenues channelled into social services and infrastructure.

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He reaffirmed the government’s commitment to fiscal discipline, investment attraction and leveraging Nigeria’s resources to drive sustainable economic growth in a rapidly changing global economy.