The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has called on Nigeria to deliberately target global investors and relocate supply chains as a strategy to create jobs, deepen industrialisation, and reduce the country’s heavy dependence on imports.
Okonjo-Iweala made the call on Wednesday during a panel discussion titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” held at Nigeria House on the sidelines of the World Economic Forum in Davos. The discussion focused on Nigeria’s economic reforms and its potential role in global trade and manufacturing.
According to her, rising geopolitical tensions and trade disputes, particularly between the United States and China, have accelerated the restructuring of global supply chains. She noted that many multinational companies are now adopting the “China+1” strategy to reduce overreliance on a single country for manufacturing and sourcing.
She explained that although China remains deeply embedded in global value chains, tariffs, trade restrictions, and geopolitical risks have forced companies to reconsider where they locate production. This shift, she said, presents a rare opportunity for countries like Nigeria to attract new investments.
Okonjo-Iweala stressed that Nigeria must be intentional in positioning itself as an attractive destination for these relocating supply chains. She said the country needs clear strategies to identify and pursue investors who are actively seeking alternative production hubs.
The former Nigerian finance minister acknowledged that the federal government has embarked on important economic reforms. However, she warned that stabilisation alone is not enough if the reforms do not translate into meaningful job creation for Nigerians.
She said Nigeria must move beyond macroeconomic stabilisation and focus on employment generation. According to her, job creation remains a major gap in the country’s economic recovery efforts, despite progress in policy reforms.
Okonjo-Iweala noted that attracting foreign direct investment is essential at a time when global companies are reassessing their supply chains. She said Nigeria should take advantage of the current global environment by actively showcasing itself as a viable and competitive investment destination.
She added that everything possible should be done to promote Nigeria’s strengths, including its large market, strategic location, and human capital. According to her, these factors can help convince investors that the country is worthy of long-term investment.
The WTO chief said Nigeria must deliberately pursue investors across major economies, including China and the United States. She explained that targeted engagement with potential investors is necessary to secure a share of the shifting supply chains.
While acknowledging that much of the current supply chain diversification remains within Asia, Okonjo-Iweala said Nigeria should still aim to attract a meaningful portion of this movement. She noted that countries like India have benefited from the shift and that Nigeria should not be left out.
She emphasised that Nigeria does not need to capture all the relocating supply chains, but should focus on securing a sizeable share that aligns with its comparative advantages and development goals.
Highlighting priority sectors, Okonjo-Iweala urged Nigeria to focus on building local manufacturing capacity in renewable energy, fashion, and pharmaceuticals. She said these sectors offer strong potential for import substitution and job creation.
On renewable energy, she said Nigeria should invest in manufacturing solar panels locally rather than relying on imports. She noted that the country has the renewable energy capacity and resources needed to support such manufacturing.
In the fashion and textile sector, she called for renewed efforts to attract investment into domestic production. She pointed out that many of the textiles and wax prints consumed in Nigeria are imported, despite the country’s strong history in textile manufacturing.
She also identified pharmaceuticals as a key opportunity for Nigeria. According to her, global efforts to diversify pharmaceutical supply chains create an opening for Nigeria to develop local production and reduce reliance on imported medicines.
Also present at the panel discussion was the Managing Director of the Bank of Industry, Dr Oludapo Olusi, who spoke in support of efforts to attract investment and scale industrial capacity.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, also participated in the session. He said the government remains committed to fiscal discipline and policies aimed at strengthening the economy.
The comments from Okonjo-Iweala come amid renewed efforts by the Nigerian government to reposition the economy, attract foreign investment, and drive industrial growth. Observers say effectively leveraging global supply chain shifts could play a critical role in reducing imports and addressing unemployment challenges in the country.
