Nigeria's top economic officials have reiterated the need for continued and cautious macroeconomic reforms to harness growing global trade opportunities, emphasizing the importance of translating policy into tangible improvements for citizens. At the 7th Africa Emerging Markets Forum in Abuja, the World Trade Organization’s Director-General, Ngozi Okonjo-Iweala, urged Nigerian authorities to persist with structural reforms while managing debt carefully, ensuring that economic policies directly contribute to job creation and enhanced living standards. Speaking alongside the Central Bank of Nigeria’s Governor, Olayemi Cardoso, Okonjo-Iweala highlighted that Nigeria must ensure its citizens feel the immediate effects of these reforms, which should ultimately bolster national competitiveness and economic resilience. The forum, held under the theme “Building Resilience Amidst Geoeconomic Uncertainties,” brought together key stakeholders to discuss the evolving global economic landscape. Okonjo-Iweala underscored that while the global economy is shifting toward more diversified trade relationships due to disruptions from the pandemic, geopolitical tensions, and supply chain shocks, the majority, about 72 percent, of global trade continues to operate within the framework of the World Trade Organization. She warned that fragmentation of trade systems could undermine economic growth, advocating instead for open, predictable, and rule-based trade practices that protect against domestic economic shocks and drive export-led growth. In addition to urging Nigeria to maintain fiscal discipline and focus on job creation, Okonjo-Iweala emphasized the potential for Africa to play a pivotal role in shaping the future of global trade. She pointed out that the continent holds approximately 30 percent of the world’s mineral reserves and called for a shift away from the traditional extract-and-export model toward higher-value processing and deeper participation in global value chains. This transition, she argued, would enable African economies to capture more value from international markets and reduce dependency on volatile commodity prices. Cardoso echoed these sentiments, highlighting the transformative nature of the current global economic environment. He noted that Africa must move beyond passive adaptation to global trends and actively shape the new economic order. With a rapidly expanding workforce, growing consumer base, and thriving innovation ecosystems, the continent possesses significant potential for long-term growth. However, he cautioned that this potential can only be realized through robust macroeconomic policies, stronger institutions, and increased regional integration. Both officials acknowledged the challenges posed by trade fragmentation, selective capital flows, and technological advancements such as artificial intelligence. Cardoso stressed that the question for Africa and other emerging markets is no longer whether the global order is changing, but how to transform these changes into opportunities for sustainable growth and shared prosperity. He called for greater reliance on domestic financial resources, including pension funds, insurance assets, and diaspora capital, to support development projects. Investors, he noted, increasingly favor economies that demonstrate policy consistency, transparency, and institutional credibility. In reflecting on Nigeria’s recent economic reforms, Cardoso praised the Central Bank’s efforts to unify the foreign exchange market, restore price discovery mechanisms, and end the practice of using monetary financing to fund fiscal deficits. These measures, he stated, have contributed to stabilizing inflation and restoring investor confidence. The central bank has also worked to enhance transparency and reinforce institutional accountability, laying the groundwork for more effective governance and economic planning. Looking ahead, both Okonjo-Iweala and Cardoso emphasized the urgent need for Nigeria, and the wider African region, to accelerate reforms that promote inclusive growth, strengthen regional cooperation, and build resilient infrastructure. They called for greater investments in digital connectivity, energy access, and human capital to position the continent for long-term success in an increasingly complex and competitive global marketplace.
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