LIVE UPDATES
The Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, has stressed the need for Nigeria to unite to enhance development in the country.
She called for the urgent need for Nigeria to move beyond political infighting and inconsistent policies that had hindered the country’s development since independence.
She added that collective efforts were needed to move the nation forward.
Okonjo-Iweala spoke on Sunday at the Nigerian Bar Association Annual Conference held at Eko Hotel in Lagos.
While delivering her keynote address titled, 'A New Social Contract for Nigeria’s Future', she said, “Nigeria today is not where it should be, and our country has not progressed as it should.
"That is why, more than 60 years after independence, we are still discussing nation-building. But we must shift our focus from blame games to concrete actions that tackle present and emerging challenges.
“I’m not here to castigate or blame anyone, I’m here to speak to all governments of my country, all political parties, all Nigerians, about a positive way forward for the country."
Okonjo-Iweala further stated that Nigeria’s inability to sustain growth was largely due to a lack of policy consistency and political will.
She noted, “If we look back to the early years of independence, it’s clear Nigeria had what it takes to succeed, and yet we’ve fallen behind countries that were at par with us back then.
“I want to remind people that in the first half of the 1960s, our per capita income in 1960 dollars was roughly equal to that of South Korea, in the neighborhood of 100 to 120 dollars per capita, according to World Bank data. But then South Korea’s growth took off, as it went from exporting primary products like tungsten oil and dried seaweed to manufactured goods.
“Back then it was textiles and footwear, compared to today’s integrated circuits, electronics, ships and autos, not to mention services exports, such as gaming, entertainment, etc., where South Korea is also strong.
“The good news is that our economy itself is quite diversified, and with the capacity to do much more in terms of agricultural exports, critical minerals, services such as entertainment, etc., and I want to commend ongoing efforts by this government to diversify the exports of our country.
“Last year, Nigeria’s per capita GDP was $1,620, while South Korea’s was $33,000.”
Okonjo-Iweala further noted that Korea’s growth miracle was exceptional and world-beating, but even more modest performers had outpaced Nigeria.
She said, “To minimise the volatility of economic and social policy and to set our country on a steady growth and development path, Nigeria needs a social contract.
“By this, I mean a fundamental agreement across political parties and society that certain policies and principles are sacrosanct and must not be altered with each change in administration.”
