In a stirring keynote address at the Nigerian Bar Association Annual Conference, Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization, issued a clarion call for Nigeria to transcend the political infighting and inconsistent policies that have stunted its growth since ndependence. Speaking at the Eko Hotel in Lagos, Dr. Okonjo-Iweala emphasized the urgency of collective action to propel the nation forward, urging all Nigerians to focus on solutions rather than assigning blame.
While acknowledging the global economic difficulties that Nigeria faces, Dr. Okonjo-Iweala stressed that the path to recovery does not lie in recriminations or futile regrets. Instead, she called for a positive approach, urging all political parties and governments in Nigeria to come together for the nation’s advancement.
Drawing comparisons with countries that have successfully transformed their economies, Dr. Okonjo-Iweala illustrated how nations like South Korea, Peru, and India have outpaced Nigeria in economic growth and development despite having similar starting points decades ago. She pointed to South Korea’s rapid industrialization and Peru’s economic resilience as examples of what Nigeria could achieve with consistent and sound policies.
“In the 1960s, Nigeria’s per capita income was comparable to that of South Korea,” she noted. “But today, South Korea’s per capita GDP is 20 times higher than ours.” This stark contrast, she argued, is a result of Nigeria’s failure to take bold steps to diversify and grow its economy.
Dr. Okonjo-Iweala attributed Nigeria’s inability to sustain growth to a lack of policy consistency and political will. Reflecting on the early years of independence, she lamented that Nigeria, which had the potential to succeed, has fallen behind countries that were once on par with it. She criticized the “not-made-in-my-administration syndrome,” where successive governments fail to build on the successes of their predecessors, leading to economic stagnation.
To overcome this, she proposed the establishment of a new social contract—a fundamental agreement across political parties and society that certain policies and principles are sacrosanct and must not be altered with each change in administration. This, she believes, is crucial to minimizing the volatility of economic and social policy and setting Nigeria on a steady path of growth and development.
