posted August 30, 2024
Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has called for a new social contract in Nigeria to drive the country’s growth and development. She emphasized this during her keynote address at the 64th Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, themed “A Social Contract for Nigeria’s Future.”
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Dr. Okonjo-Iweala, a former Nigerian Finance Minister and the first woman and African to lead the WTO, highlighted that Nigeria has immense potential but is not progressing as expected despite over 60 years of independence.
She stressed the importance of strong macroeconomic reforms, particularly in diversifying the country’s economy away from oil dependence towards agricultural and solid minerals exports.
She pointed out that the inconsistency in policies has been a significant impediment to Nigeria’s growth. To mitigate the effects of these inconsistent policies, Dr. Okonjo-Iweala stressed the need for a new social contract that would secure lives and national assets.
The WTO boss called on the NBA and other organizations to play a role in achieving this social contract, which she believes is essential for tolerating different political perspectives and building a unified approach to national development.
She noted that policy inconsistency has hindered Nigeria’s growth, and emphasized that establishing a social contract is crucial to minimizing policy volatility. Such a contract would involve the protection of lives and national assets, which is foundational for economic stability.
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Overall, Dr. Okonjo-Iweala highlighted the importance of inclusivity, urging Nigerians to embrace tolerance across different political parties and administrations, stating that a collective effort is necessary to foster national development and secure the country’s future.
