The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has called on the Nigerian government to urgently position the country as a preferred destination for global investors, warning that Nigeria risks missing a rare opportunity created by shifting global supply chains.
Okonjo-Iweala made the appeal on Wednesday at Nigeria House on the sidelines of the World Economic Forum in Davos, Switzerland, while speaking at a panel discussion titled From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor.
She said rising geopolitical tensions, especially between the United States and China, have accelerated the restructuring of global supply chains, creating fresh openings for countries willing to attract manufacturing and production investment.
According to her, many global firms are now adopting China+1 sourcing strategies to reduce dependence on a single country, even though China remains deeply embedded in global value chains.
“In addition, tariffs and trade restrictions have incentivised companies to reconsider reliance on dominant suppliers, prompting the relocation or diversification of production hubs,” she said.
Okonjo-Iweala stressed that these global shifts present Nigeria with a strategic chance to reduce import dependence, deepen local manufacturing and create jobs, but only if the country deliberately markets itself to international investors.
She acknowledged that Nigeria is pursuing economic reforms but said the focus must now move beyond stabilisation to employment generation.
“As you said, some good reforms are being pursued right now. I think they need to yield to job creation,” she said. “We need to move from stabilisation to job creation, because that is where we are lacking.”
While noting that the impact of reforms may not be immediate, she said Nigeria is on the right path and must now identify concrete opportunities to attract global capital.
“If there is one thing I would say, it is that everything we can do to showcase Nigeria as a country worthy of investment is what we should be doing,” she said, adding that the current global environment offers a narrow but critical window.
“What I would like to see is a continued effort to attract investment into the country, because there is an opportunity now to attract these supply chains.”
She urged the government to take an aggressive and targeted approach by engaging potential investors across major economies, including China and the United States.
“We should deliberately have strategies to go after those investments and investors, to go to China, the US, whatever it takes, to come and invest in our country,” Okonjo-Iweala said.
Although much of the diversification away from China is still taking place within Asia, with India emerging as a key destination, she said Nigeria should work to attract a sizeable share of the relocation.
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Okonjo-Iweala identified renewable energy, textiles and pharmaceuticals as priority sectors where Nigeria has strong competitive potential. She said the country has the capacity to manufacture solar panels locally instead of relying on imports, noting Nigeria’s abundant renewable energy resources.
“Let’s build solar panels in Nigeria. We are importing, but we can also manufacture. We have the renewable capacity,” she said. “In fashion, let them come to invest. Let’s attract investment to make it at home rather than elsewhere.”
She added that pharmaceuticals also offer major opportunities for investment and industrial growth, stressing that Nigeria must move quickly to secure its place in emerging global supply chains.
