Nigeria must sustain its macroeconomic reforms and ensure they translate into jobs and improved living standards if it is to benefit from shifts in global trade, according to the Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala.

Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on Wednesday, Okonjo-Iweala said countries that improve their business climate, maintain macroeconomic stability and attract investment would be better positioned to benefit from the ongoing diversification of global supply chains.

She said Nigeria should continue implementing broad-based macroeconomic reforms while taking a careful approach to fiscal policy, debt management and job creation, stressing that citizens must begin to experience the tangible benefits of the reforms.

“Nigerians have to feel the impact of reforms,” she said, adding that policy measures should ultimately improve livelihoods and strengthen the country’s competitiveness.

The WTO chief noted that the global economy is moving away from excessive dependence on a few markets towards more diversified trade relationships as businesses seek alternative production locations following disruptions caused by the COVID-19 pandemic, geopolitical tensions and supply chain shocks.

She said despite rising protectionist rhetoric, about 72 per cent of global trade still takes place under WTO rules, underscoring the resilience of the multilateral trading system. According to her, countries are increasingly pursuing bilateral and regional trade agreements that extend beyond tariffs to cover broader economic cooperation.

Okonjo-Iweala urged African countries to seize emerging opportunities in green industries and critical minerals, noting that the continent holds an estimated 30 per cent of the world’s mineral reserves. Rather than continuing an extract-and-export model, she said African economies should focus on higher-value processing and deeper integration into global value chains.

She also called for far-reaching institutional reforms at the global level, including reforms of the WTO, warning that fragmenting global trade would weaken economic growth. Instead, she advocated open, predictable and rules-based trade as a buffer against domestic economic shocks and a driver of export-led growth.

To attract larger investment inflows, she said developing countries must strengthen their business environments, upgrade physical and digital infrastructure, and maintain stable macroeconomic conditions.

Okonjo-Iweala added that Africa has a unique opportunity to become a major contributor to the future global workforce and expand South-South trade, but success would depend on stronger regional cooperation, improved competitiveness and sustained economic reforms.

On his part, Governor of the Central Bank of Nigeria, Olayemi Cardoso, urged African nations and other emerging economies to lead the evolving global economic order, noting that the continent must move beyond merely adapting to global changes.

Cardoso said the global economic landscape is already undergoing transformation, arguing that the challenge for emerging markets is no longer whether they should respond to change but whether they can influence and shape the new global order.

He maintained that Africa’s expanding workforce, rising consumer base and vibrant innovation ecosystem present significant opportunities for long-term growth. However, he stressed that these strengths must be complemented by prudent macroeconomic policies, stronger institutions and closer regional integration to deliver lasting economic progress.

Speaking on Nigeria’s reform agenda, the CBN governor said the apex bank has focused on improving transparency, ensuring policy consistency and reinforcing institutional accountability as part of efforts to rebuild investor confidence and entrench macroeconomic stability.

According to him, the increasing interest from investors suggests that the government’s reform programme is beginning to strengthen confidence in the country’s economic prospects.

Cardoso also stressed that greater international collaboration has become indispensable, noting that no economy can effectively respond to today’s interconnected global challenges on its own.