The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has urged the Nigerian government to deliberately target global investors and supply chain relocations to reduce import dependence, deepen manufacturing and create jobs. She spoke on Wednesday at Nigeria House during the World Economic Forum in Davos, Switzerland.
Dr Okonjo-Iweala said rising geopolitical tensions, particularly between the United States and China, have accelerated global supply chain diversification, with firms adopting China-plus-one sourcing strategies. She noted that tariffs and trade restrictions have prompted companies to rethink reliance on dominant suppliers, creating opportunities for countries like Nigeria.
She said Nigeria must aggressively market itself to prospective investors to attract a share of these supply chains, stressing the need to move from economic stabilisation to job creation. According to her, the country should deliberately pursue investors across major economies, including China and the United States, to position itself as a viable manufacturing hub.
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Dr Okonjo-Iweala identified sectors such as renewable energy, textiles and pharmaceuticals as areas with strong potential for local production. She said increased investment in these sectors would help Nigeria manufacture more goods domestically rather than relying heavily on imports.
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