Nigeria Must Chase Global Investors to Create Jobs – Okonjo-Iweala

By Oluwakemi Kindness

The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has urged the Nigerian government to deliberately target global investors and supply chain relocations to cut import dependence, boost local manufacturing, and create jobs.

She spoke on Wednesday at Nigeria House during the World Economic Forum in Davos.

Speaking at a panel titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” Okonjo-Iweala said rising geopolitical tensions, especially between the United States and China, are forcing companies to rethink where they produce goods.

According to her, many firms are adopting “China+1” strategies to reduce over-reliance on a single country, while tariffs and trade restrictions are accelerating the relocation of production hubs.
“These disruptions present a real opportunity for Nigeria to attract parts of global supply chains,” she said.However, she stressed that Nigeria must actively market itself to investors to benefit from the shift.

She said recent economic reforms should now focus on job creation, noting that the country needs to move beyond stabilisation.

“We need to move from stabilisation to job creation. It will not happen overnight, but the reforms are moving in the right direction,” she said.
Okonjo-Iweala called for deliberate efforts to attract foreign direct investment, urging Nigeria to directly engage investors in major economies such as China and the United States.
“Everything we can do to showcase Nigeria as a country worthy of investment is what we should be doing,” she added.

She identified renewable energy, textiles, and pharmaceuticals as key sectors Nigeria should target.
“Let’s build solar panels in Nigeria. We are importing them, but we can manufacture locally,” she said.

She also urged renewed investment in the textile industry, noting that many fabrics consumed in Nigeria are imported rather than locally made.
On pharmaceuticals, she said Nigeria has a strong opportunity to build local production capacity and should position itself to attract investment into the sector.