Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has urged Nigeria to sustain its macroeconomic reforms and ensure they translate into jobs and improved living standards if the country is to take advantage of emerging opportunities in global trade.

Speaking at the opening of the 7th Africa Emerging Markets Forum in Abuja on Wednesday, Okonjo-Iweala said countries that improve their business environment, 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 economic reforms while adopting a prudent approach to fiscal policy, debt management and job creation.

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

Okonjo-Iweala noted that the global economy is shifting away from heavy dependence on a few production hubs as businesses diversify supply chains following the COVID-19 pandemic, geopolitical tensions and recent supply chain disruptions.

Despite growing protectionist sentiments, she said about 72 per cent of global trade continues to take place under WTO rules, demonstrating the resilience of the multilateral trading system.

She added that countries are increasingly pursuing bilateral and regional trade agreements that extend beyond tariff reductions to broader economic cooperation.

The WTO chief urged African countries to take advantage of opportunities in green industries and critical minerals, noting that the continent possesses about 30 per cent of the world’s mineral reserves.

Rather than continuing to export raw materials, she said African economies should prioritise value addition, local processing and deeper integration into global value chains.

Okonjo-Iweala also called for comprehensive reforms of global institutions, including the WTO, warning that fragmentation of global trade would weaken economic growth.

She advocated an open, predictable and rules-based trading system, arguing that it provides protection against economic shocks while supporting export-led growth.

To attract more investment, she said developing countries must improve their business climate, upgrade physical and digital infrastructure and maintain stable macroeconomic policies.

She added that Africa has a unique opportunity to become a major contributor to the global workforce and expand South-South trade, but said this would require stronger regional cooperation, improved competitiveness and sustained reforms.

Also speaking at the forum, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, urged African countries and other emerging economies to play a more active role in shaping the evolving global economic order rather than merely adapting to it.

He said Africa’s growing workforce, expanding consumer market and vibrant innovation ecosystem present significant opportunities for long-term growth, provided they are supported by sound macroeconomic policies, stronger institutions and deeper regional integration.

On Nigeria’s reform agenda, Cardoso said the CBN had prioritised greater transparency, policy consistency and institutional accountability to rebuild investor confidence and strengthen macroeconomic stability.

According to him, increasing investor interest suggests that the Federal Government’s reform programme is beginning to improve confidence in Nigeria’s economic outlook.

He also stressed the importance of international cooperation, noting that no country can effectively tackle today’s interconnected global economic challenges in isolation.