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Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has said Nigeria’s long-term economic success will depend more on the quality of its leadership than on its abundant natural re, business opportunities, and measurable improvements in citizens’ lives
She made the remarks during a fireside conversation with the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, at the 7th Africa Emerging Markets Forum (EMF) in Abuja
Okonjo-Iweala argued that good governance could account for as much as three-quarters of Nigeria’s economic success, calling on leaders to prioritise implementation, job creation, and inclusive economic growth. “It’s all about leadership. We need leaders who have the interests of the country and the continent at heart—not themselves. Leaders who ask the right questions, focus on implementation, create jobs for young people, and remove the obstacles preventing economic growth.”
She said Nigeria’s leaders must move beyond policy announcements and focus on creating opportunities that encourage young people to build their future at home rather than seek opportunities abroad. “If we get leadership right, that alone takes us a very long way. I hope we will indeed have a continent and a country where young people are not seeking to leave, but are seeking to stay because opportunities exist for them here.”
The former Nigerian Minister of Finance also emphasised that citizens have a responsibility to demand integrity, transparency, and accountability from public office holders
According to her, good governance cannot thrive without active citizen participation and the protection of free speech, which enables the public to hold leaders accountable
While commending the Central Bank of Nigeria for its recent reforms, Okonjo-Iweala cautioned that macroeconomic achievements would ultimately be judged by their impact on households and businesses
“What the central bank has done in trying to reposition itself and focus on its core mandate has been very commendable. But the challenge is translating these reforms into the everyday lives of Nigerians. Until people begin to feel the impact in the real economy, there will continue to be criticism.”
She called for stronger coordination between monetary, fiscal, and trade institutions to ensure that economic reforms translate into productive investments, business growth, and employment opportunities
On the issue of U.S. tariffs, the WTO Director-General advised Nigeria not to become overly concerned, noting that many of the country’s major exports to the United States, particularly crude oil, remain exempt from the measures
She also highlighted Africa’s demographic advantage, stating that by 2050, one in every four people globally will be African, creating significant opportunities for economic expansion if properly managed
In his remarks, CBN Governor Olayemi Cardoso said Africa must strategically respond to a rapidly changing global economy characterised by fragmented trade, more selective capital flows, and the growing influence of artificial intelligence
According to him, investors now place greater value on institutional quality, policy consistency, transparency, and credibility when making investment decisions. “The era of abundant liquidity chasing returns regardless of risk is over. Capital increasingly flows to countries that offer credibility, transparency, policy consistency, and strong institutions. Credibility is no longer only a central bank concern; it is a national economic asset.”
Cardoso stressed that African countries must rely more on domestical savings, and diaspora investments, to finance long-term development
He noted that reforms implemented by the CBN over the past three years—including exchange rate unification, restoring market-based price discovery, ending monetary financing of fiscal deficits, and strengthening transparency in the foreign exchange market—are beginning to restore investor confidence
According to the CBN Governor, inflation has moderated, external reserves have improved, and Nigeria’s financial system has become more resilient and better capitalised
He added that maintaining macroeconomic stability is essential for attracting investment, expanding regional trade, and strengthening Nigeria’s leadership role within Africa’s economy
Cardoso noted that Nigeria accounts for between 60 and 70 per cent of West Africa’s GDP and approximately one-quarter of Africa’s total economy, making the country’s economic performance critical to the region. “If Nigeria gets it right, the benefits will extend far beyond our borders. That is why we simply cannot afford to get it wrong.”
The messages from both the WTO and the CBN reinforce the importance of creating an economic environment where businesses can thrive. For MSMEs, consistent policies, stronger institutions, improved access to finance, lower inflation, and better coordination between government agencies can reduce operating costs, encourage investment, and create more opportunities for expansion. Equally, reforms will only gain public confidence if they translate into more jobs, increased business activity, and improved living standards for entrepreneurs and households.
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