Okonjo-Iweala Urges Leaders to Focus on Job Creation, Tangible Economic Benefits

The Director General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, has emphasized that the success of Nigeria's economy depends on the quality of its leadership. Speaking at the 7th Africa Emerging Markets Forum in Abuja, she noted that economic reforms must result in job creation and tangible benefits for citizens. Okonjo-Iweala, a former Minister of Finance, stated that good governance is crucial for the country's success, accounting for about three-quarters of its progress. She stressed that leaders must prioritize the interests of the country and continent, focusing on implementation and creating opportunities for young people. The WTO boss also highlighted the importance of followership, urging citizens to demand integrity, transparency, and accountability from their leaders. In his remarks, the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, identified fragmentation in global trade, selective international capital, and rapid advances in artificial intelligence as key challenges facing African economies. He emphasized the need for strategic responses, including strengthening macroeconomic stability, expanding regional integration, and mobilizing domestic investment. Okonjo-Iweala commended the CBN's reforms but cautioned that macroeconomic achievements would ultimately be judged by their impact on households and businesses. She called for stronger coordination among monetary, fiscal, and trade institutions to ensure policy gains filter into productive sectors of the economy. The CBN governor noted that difficult reforms undertaken over the past three years were beginning to restore confidence in the economy, with inflation moderating, external buffers strengthening, and the financial system becoming safer and better capitalized.