Okonjo-Iweala: Why Nigeria Has Not Progressed As It Should
The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has called for urgent action to address what she described as the political infighting and inconsistent policies that have stunted Nigeria’s growth since independence.
Speaking at the Nigerian Bar Association Annual Conference in Lagos on Sunday, Okonjo-Iweala emphasized the need for collective efforts to propel the nation forward.
In her keynote address titled “A New Social Contract for Nigeria’s Future,” Okonjo-Iweala lamented Nigeria’s lack of progress, despite having the potential to achieve significant development.
“Nigeria today is not where it should be, and our country has not progressed as it should have,” she said.
She attributed this stagnation to a persistent blame game that has overshadowed concrete actions needed to tackle the country’s challenges.
Drawing comparisons with other nations, Okonjo-Iweala highlighted how countries like South Korea, Peru, and India have outpaced Nigeria in economic growth, despite starting from similar positions decades ago. She noted that South Korea’s rapid industrialization and Peru’s economic resilience serve as stark reminders of what Nigeria could achieve with consistent and sound policies.
“Back in the 1960s, Nigeria’s per capita income was comparable to that of South Korea, but today, South Korea’s per capita GDP is 20 times higher than ours,” she remarked.
Okonjo-Iweala also criticized Nigeria’s over-reliance on oil exports, which has left the economy vulnerable and less diversified.
“Since 1974, oil has dominated, often accounting for 97 to 100 percent of Nigerian exports,” she stated, contrasting this with South Korea’s diversified export basket, which includes manufactured goods and services such as electronics and entertainment.
Despite these challenges, Okonjo-Iweala expressed optimism about Nigeria’s future, noting the country’s diversified economy and potential for growth in sectors like agriculture, critical minerals, and services.
She commended ongoing efforts by the current administration to diversify Nigeria’s exports but stressed the need for consistency in policy implementation.
“The not-made-in-my-administration syndrome, where successive governments fail to build on the successes of their predecessors, has led to economic stagnation,” Okonjo-Iweala said.
She called for a new social contract in Nigeria, emphasizing the importance of a fundamental agreement across political parties and society to maintain certain policies and principles regardless of changes in administration.
Also Read: Ngozi Okonjo Iweala – How A Biafra War Survivor Became WTO’s First African Head
