Davos: Okonjo-Iweala calls for aggressive push to attract investors to Nigeria

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged the Nigerian government to aggressively court global investors and position the country as a preferred destination for relocating supply chains, as a way of reducing import dependence, boosting local manufacturing and creating jobs.

Okonjo-Iweala made the call on Wednesday at Nigeria House on the sidelines of the ongoing World Economic Forum in Davos, Switzerland.

She spoke during a panel session titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” which also featured the Managing Director of the Bank of Industry, Dr Oludapo Olusi.

The former finance minister noted that increasing geopolitical tensions, especially between the United States and China, have accelerated global supply chain realignments, creating opportunities for emerging economies.

According to her, many multinational companies are now adopting “China-plus-one” sourcing strategies to reduce over-reliance on a single country, even as China remains central to global value chains.

“Tariffs and trade restrictions have also pushed firms to rethink their dependence on dominant suppliers, leading to the relocation or diversification of production hubs,” she said.

Okonjo-Iweala said these disruptions present a rare opening for Nigeria to attract a share of global manufacturing and trade, but warned that the country must be deliberate and strategic in pursuing such investments.

She stressed that while some economic reforms are underway, the focus must shift towards job creation.

“I said to His Excellency that we need to move from stabilisation to job creation. That is where the gap is. It will not happen overnight, but the direction is right. What is important now is to map where the opportunities are,” she said.

The WTO chief emphasised the need for Nigeria to actively market itself to international investors and directly pursue investment opportunities across major economies.

“Everything we can do to showcase Nigeria as a country worthy of investment is what we should be doing. We should deliberately go after those investments — whether in China, the United States or elsewhere — and convince them to invest in our country,” she added.

She observed that while supply chain diversification is largely shifting production away from China, much of that movement is still within Asia, with India emerging as a key destination.

However, she said Nigeria should aim to attract a significant portion of these investments.

Okonjo-Iweala highlighted renewable energy, textiles and pharmaceuticals as key sectors Nigeria could target.

“Let’s build solar panels in Nigeria. We are importing them now, but we can manufacture locally. We have the renewable energy potential,” she said.

She also called for renewed investment in the textile and fashion industry, lamenting the decline of local production.

“Every time I buy wax fabric, I check where it is made. Many of the shiny new textiles we wear today are not made in Nigeria; they are imported. We should be attracting investment to produce them at home,” she said.

On healthcare, she identified pharmaceuticals as another strategic area where Nigeria could benefit from global supply chain shifts.

“There is an opportunity in pharmaceuticals as well. These are the kinds of supply chains I would be targeting,” Okonjo-Iweala said.

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