Policy Consistency Is Key to Nigeria’s Progress — Okonjo-Iweala

Dr. Ngozi Okonjo-Iweala emphasizes that consistent and stable policies are essential for driving Nigeria’s development and achieving sustainable economic growth.

Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), has called for policy continuity in Nigeria irrespective of shifts between administrations.

During her address to a room full of lawyers at the Eko Hotel & Suites in Lagos on Sunday, she stated that adhering to sound economic and social policies, ensuring policy consistency as well as implementing additional reforms will steer us towards achieving laudable progress.

On Sunday, at the opening ceremony of the 2024 Annual General Conference of the Nigerian Bar Association (NBA), an esteemed developmental economist – recognized worldwide for her African print Ankara wear and unique headgear tilted strategically – gave a keynote address entitled “A Social Contract For Nigeria’s Future.”

The ex-finance minister of Nigeria criticized a tendency in governance that she identified as the “not-in-my-administration syndrome”, which, according to her, has contributed to Nigeria’s underwhelming economic results.

According to her, a social contract is essential for Nigeria and every Nigerian must come into agreement on it irrespective of their political or other associations.

According to the developmental economist, Nigeria should maintain certain policies that are considered sacred regardless of changes in administration.

After public scrutiny, she recommended that certain policies be enacted into law.

According to Okonjo-Iweala, adhering to policy continuity while implementing further reforms is crucial for achieving the desired standards of governance.

Her opinion is that safeguarding human lives and vital national resources must be given precedence in the social agreement, whilst permitting crucial components of the economy to operate autonomously.

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According to her, tampering with the Central Bank and requesting for alterations in interest rates or exchange rates should be avoided. Additionally, utilizing the Central Bank as a fiscal agent by demanding excessive printing of naira beyond designated Ways and Means limits could lead to inflationary pressures.

According to the ex-chief of World Bank, a crucial aspect that ought to be incorporated into the social contract is supplying fundamental infrastructure. Additionally, she suggested including establishing social safety nets for society’s most fragile members in this agreement.

She charged the NBA with holding the government accountable on all fronts and stressed that genuine judicial independence should be included as a crucial component of the social contract.

According to her, implementing a social contract can establish a sturdy and reliable groundwork in Nigeria for both citizens and residents to prosper.

The occasion titled ‘Pressing Forward; A National Posture to Rebuilding Nigeria’, showcased prominent individuals from both within and outside the country.

The event was graced by the presence of ex-Ghanaian President, John Mahama and Monica Dongban-Mensem, Nigeria’s Court of Appeal President. However, Vice-President Kashim Shettima represented Bola Tinubu at the occasion.

The event was graced by the presence of Justice Kudirat Kekere-Ekun, who acted as the Chief Justice of Nigeria, along with Senate President Godswill Akpabio and Tajudeen Abbas, his equivalent in the lower chamber.