‘Go After the Supply Chains’: Okonjo-Iweala Tells FG to Move from Stabilization to Job Creation
DAVOS, SWITZERLAND — The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has advised the Federal Government to aggressively target global investors seeking to relocate their factories from Asia, describing the current geopolitical climate as a “once-in-a-generation opportunity” for Nigeria.
Speaking on Wednesday at the newly commissioned “Nigeria House” during the ongoing World Economic Forum (WEF) in Davos, the WTO chief urged the Tinubu administration to pivot its economic focus from merely stabilizing the naira to actively creating jobs through manufacturing.
The “China Plus One” Opportunity
Okonjo-Iweala highlighted that rising tensions between the United States and China have forced major global companies to adopt a “China Plus One” strategy—seeking new manufacturing hubs outside of East Asia to diversify their risks.
“Firms are moving. Diversification is happening,” Okonjo-Iweala told the Nigerian delegation led by Vice President Kashim Shettima. “We must deliberately have strategies to go after those investments. We need to go to China, go to the US, and say ‘come and invest in our country’.”
She warned that if Nigeria does not position itself aggressively, other nations like India, Vietnam, and Mexico will absorb all the fleeing capital. “We should attract a sizeable chunk of that movement. I am not saying all, but we must grab our share,” she added.
“Stop Importing, Start Making”
The former Finance Minister lamented that Nigeria continues to import items it has the capacity to produce, specifically citing the energy and textile sectors.
“Let us build solar panels in Nigeria,” she charged. “We have the renewable capacity, yet we are importing. In fashion, look at the wax prints we wear; many are made elsewhere. We must attract investment to make them at home.”
From Stabilization to Jobs
While commending the government for the tough reforms that saw the economy grow by 3.9 percent in 2025 and inflation halve, Okonjo-Iweala insisted that macroeconomic numbers mean little to the common man without employment.
“I said to His Excellency [Vice President Shettima]: we need to move from stabilization to job creation,” she revealed. “Stabilization is good, but that is where we are lacking. We need to map where the opportunities are and market Nigeria as a serious destination for production, not just consumption.”
Nigeria House Debuts
The advice came against the backdrop of a historic moment for the country: the launch of the first-ever standalone Nigerian Pavilion (Nigeria House) at Davos.
Trade Minister Dr. Jumoke Oduwole, who hosted the session, stated that the pavilion signals to the world that Nigeria is “open for serious business.” She noted that the facility serves as a one-stop shop for investors to engage directly with Nigerian decision-makers, bypassing the usual bureaucratic red tape.