Okonjo-Iweala Advocates Strategic Investment To Cut Nigeria’s Import Dependence

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged Nigeria to intentionally position itself to attract global investors and benefit from supply chain relocations as a strategy to create jobs, strengthen manufacturing, and cut the country’s reliance on imports.

Okonjo-Iweala made the call during a panel session titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” held at Nigeria House on Wednesday on the sidelines of the ongoing World Economic Forum in Davos. A short clip from the discussion was shared by GLAZIA on X.

According to her, rising geopolitical tensions especially between the United States and China have forced many multinational companies to rethink their production and sourcing models.

The development has boosted supply chain diversification, with many firms adopting “China+1” strategies to reduce risks associated with depending on a single country.

Although China remains central to global value chains, increased tariffs and trade restrictions have encouraged manufacturers to explore alternative locations for production.

She said Nigeria could take advantage of the shifts to secure a meaningful share of global supply chains, but stressed that the country must aggressively promote itself as a stable and attractive investment destination.

She noted that while some reforms are currently underway, the focus must shift from stabilisation to job creation through strategic investment targeting.

Okonjo-Iweala highlighted key sectors where Nigeria could compete, including renewable energy manufacturing, fashion and textiles, and pharmaceuticals.

She pointed out that Nigeria continues to import products such as solar panels and textiles that could be produced locally, adding that local manufacturing would boost employment and support economic growth.

The panel also featured the Managing Director of the Bank of Industry, Dr Oludapo Olusi.

Meanwhile, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said in an earlier interview with Bloomberg at the forum that Nigeria is prioritising fiscal discipline, credible reforms, and sustained engagement in response to global economic uncertainty.

He added that the government aims to raise the tax-to-GDP ratio to 18 per cent and direct increased revenue into infrastructure and social services.