Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation, recently emphasized that 72 percent of international trade still operates under established WTO guidelines, despite current geopolitical unrest and supply chain disruptions. During the 20th-anniversary event for the law firm Streamsowers & Köhn in Lagos, she warned against retaliatory trade practices, noting that tit-for-tat tariff battles between major powers could fragment the global economy and negatively impact smaller nations.
Okonjo-Iweala underscored that an fragmented global economy could lead to a seven percent decline in worldwide GDP. She encouraged Nigeria and other African nations to capitalize on current shifts in global manufacturing, particularly in sectors such as renewable energy, pharmaceuticals, and critical minerals. She noted that Africa possesses nearly 30 percent of the world’s essential minerals, positioning the continent as a potential hub for cleaner production.
Furthermore, the WTO head advocated for improved intra-African trade, pointing out that regional commerce remains significantly lower than that of the European Union. She called for better infrastructure, more efficient border procedures, and direct air connections between African capitals to support the African Continental Free Trade Area. Additionally, she highlighted digital trade as a primary growth driver and discussed the Women in the Digital Economy Fund, which provides financial and technical support to female entrepreneurs in Nigeria and beyond.
