Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), has called for a new social contract in Nigeria to ensure policy consistency across administrations. Speaking at the Nigerian Bar Association (NBA) Yearly General Congress in Lagos, Okonjo-Iweala emphasized that Nigeria’s lack of progress is partly due to frequent policy shifts with each new administration.
She argued that Nigeria needs a fundamental cross-party and cross-society agreement where certain key economic and social policies are maintained regardless of changing governments. This, she believes, will help set the country on a steady path of growth and development rather than experiencing episodic advances.
Okonjo-Iweala highlighted the historical context, comparing Nigeria’s past economic standing with that of countries like South Korea, Thailand, Peru, and India. She noted that while Nigeria’s per capita GDP has lagged behind these countries, South Korea’s success, in particular, demonstrates the benefits of sustained economic and policy strategies.
She pointed out that Nigeria’s economy, though diversified, has been overly dependent on oil since the 1970s, a factor that has hindered broader economic development. Okonjo-Iweala praised recent efforts to diversify exports and called for a continued focus on sectors such as agriculture, critical minerals, and services.
She concluded by stressing that a social contract should include prioritizing security and development, as neither can be achieved without the other. This, she argues, could foster a virtuous cycle of reform, growth, peace, and trust that Nigeria has long been missing.
