Nigeria has a rare opportunity to plug into global supply chains if it deliberately courts investors and positions itself as a manufacturing and production hub, the Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has said. She noted that capturing these supply chains could help Nigeria create jobs, deepen local manufacturing, and cut its heavy dependence on imports.
Okonjo-Iweala made the remarks at the World Economic Forum in Davos during a discussion titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” held at Nigeria House. In a video clip shared by GLAZIA, she stressed that Nigeria must move beyond economic stabilisation and focus squarely on job creation, which she described as the country’s most pressing challenge.
Her comments come amid rising global trade tensions, particularly between the United States and China, which have pushed multinational companies to rethink where they produce goods. Many firms are now adopting “China+1” strategies, diversifying supply chains to reduce risk. According to Okonjo-Iweala, these shifts present a clear opening for Nigeria, but only if the country actively markets itself and targets the right industries.
She pointed to renewable energy, fashion, and pharmaceuticals as sectors where Nigeria could attract global investment. Using textiles as an example, she lamented that many products worn locally are imported despite Nigeria’s strong creative and manufacturing potential. “Let’s build solar panels in Nigeria. We are importing, but we can also manufacture,” she said, urging policymakers to push for local production rather than continued reliance on foreign goods.
Meanwhile, Nigeria’s economic team echoed similar sentiments in Davos. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the government is prioritising fiscal discipline, credible reforms, and sustained engagement with investors. He added that plans are underway to raise Nigeria’s tax-to-GDP ratio to 18 per cent and channel more resources into infrastructure and social services, reinforcing the country’s bid to attract long-term investment in a fragmented global economy.
source: punch