Deborah Akinyosoye
The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged the Nigerian government to deliberately court global investors and position the country to benefit from ongoing supply chain relocations to reduce import dependence, deepen local manufacturing, and create jobs.
Okonjo-Iweala made the call on Wednesday at Nigeria House on the sidelines of the World Economic Forum in Davos, Switzerland, during a panel discussion titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor.”
The WTO chief said rising geopolitical tensions, particularly between the United States and China, had accelerated global supply chain diversification, creating opportunities for countries like Nigeria.
“Firms are increasingly adopting China+1 sourcing strategies to reduce single-country risk, although China remains deeply embedded in many global value chains,” she said.
“In addition, tariffs and trade restrictions have incentivised companies to reconsider reliance on dominant suppliers, prompting the relocation or diversification of production hubs.”
According to her, these shifts present a window for Nigeria to attract a share of global manufacturing and production networks, provided the country deliberately markets itself to prospective investors.
Okonjo-Iweala acknowledged ongoing reforms in Nigeria but stressed the need to translate them into employment opportunities.
“As you said, some good reforms are being pursued right now. I think they need to yield to job creation,” she said. “That was what I said to His Excellency — that we need to move from stabilisation to job creation, because that is where we are lacking.”
She noted that while the process would not deliver instant results, Nigeria was “moving in the right direction,” adding that authorities must identify and pursue specific opportunities.
“If there is one thing I would say, it is that everything we can do to showcase Nigeria as a country worthy of investment is what we should be doing.”
“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,” Okonjo-Iweala said.
She urged the government to actively engage potential investors across major economies.
“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,” she said.
While noting that much of the current diversification from China remains within Asia, with India emerging as a major destination, she said Nigeria should aim to attract “a sizeable chunk” of the movement.
Okonjo-Iweala highlighted renewable energy, textiles and pharmaceuticals as key sectors Nigeria could target.
“Let’s build solar panels in Nigeria. We are importing, but we can also manufacture. We have the renewable capacity,” she said. “In fashion, let them come to invest… Let’s attract investment to make it at home rather than elsewhere.”
She added that pharmaceuticals also present a strong opportunity, saying, “There is a chance there as well. These are some of the supply chains I would be attracting.”