World Trade Organisation Director-General Dr. Ngozi Okonjo-Iweala has urged Nigeria to seize the opportunity created by global supply-chain realignments by deliberately targeting international investors and new production hubs. She said this strategy is essential for job creation, industrial expansion, and reducing the country’s reliance on imports.
Okonjo-Iweala made the remarks 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 during the ongoing World Economic Forum (WEF) in Davos. A short clip of her comments was shared by GLAZIA on its X handle.
The WTO chief noted that rising geopolitical tensions—particularly between the United States and China—are accelerating supply-chain diversification, with firms increasingly adopting “China+1” strategies to reduce concentration risk. While China remains deeply integrated into global value chains, tariffs and trade restrictions have prompted companies to explore alternative manufacturing bases.
Okonjo-Iweala said these disruptions present a window of opportunity for Nigeria to capture a meaningful share of global supply chains. However, she stressed that this would require a more proactive approach to marketing the country to investors.
“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. “Everything we can do to showcase Nigeria as a country worthy of investment is what we should be doing.”
She added that Nigeria must move beyond stabilisation to job creation, emphasizing that reforms must translate into tangible employment outcomes.
Okonjo-Iweala urged policymakers to map out strategic opportunities and actively court investors across the globe—whether in China, the United States, or other key markets. She said diversification is currently shifting mostly within Asia, with India emerging as a major beneficiary, and Nigeria should capture a significant share of the redirected investment flows.
She highlighted specific sectors where Nigeria can develop local manufacturing and attract investment, including:
- Renewable energy equipment, such as solar panels
- Textile and fashion manufacturing, to reduce import dependence
- Pharmaceutical production, to strengthen domestic supply chains
“Let’s build solar panels in Nigeria. We are importing, but we can also manufacture. We have the renewable capacity,” she said.
Also on the panel was the Managing Director of the Bank of Industry, Dr. Oludapo Olusi.
Finance Minister: Nigeria Focused on Discipline and Reform Credibility
In a separate interview with Bloomberg on Day 2 of WEF26, Nigeria’s Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the country’s commitment to fiscal discipline and reform credibility amid global economic fragmentation.
Edun said Nigeria’s short-term priority is to raise the tax-to-GDP ratio to 18%, directing increased revenue into social services and infrastructure development.
He stressed that Nigeria remains committed to attracting investment and leveraging its resource base to sustain long-term growth in a fragmented global economy.