Nigeria has been urged to take advantage of shifting global trade patterns by actively positioning itself as a destination for international investment and relocated supply chains, according to the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala.
She made this call during a panel session titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” which took place at Nigeria House during the World Economic Forum in Davos. Highlights from the discussion were later shared by lifestyle and business platform GLAZIA on its X handle.
Okonjo-Iweala noted that global trade is undergoing significant restructuring as a result of rising geopolitical tensions, particularly between the United States and China. These developments have prompted multinational companies to rethink their production and sourcing models in order to reduce risk. As a result, many firms are diversifying operations away from over-reliance on a single country, a trend commonly described as the “China+1” strategy. Although China continues to play a central role in global manufacturing, trade disputes, tariffs, and political uncertainty have encouraged companies to seek alternative locations.
According to her, these changes present a timely opening for Nigeria, but only if the country adopts a proactive and intentional approach. She acknowledged that the Federal Government has introduced reforms aimed at economic stability but stressed that the next phase must focus squarely on job creation and industrial expansion.
She argued that stabilisation alone is not enough and that reforms must translate into employment opportunities and stronger domestic production. While admitting that progress will not be immediate, she said Nigeria must clearly identify areas of comparative advantage and aggressively pursue them.
Central to this strategy, Okonjo-Iweala said, is the need to actively promote Nigeria as an investment-ready economy. She called for targeted outreach to global investors, including direct engagement with businesses and governments in major economies such as China and the United States. While much of the current supply chain diversification remains within Asia benefiting countries like India she maintained that Nigeria should position itself to capture a significant portion of this shift.
She highlighted several sectors with strong potential, including renewable energy manufacturing. Using solar panels as an example, she pointed out that Nigeria currently imports products it has the capacity to produce locally, despite possessing abundant renewable energy resources.
The fashion and textile industry was also identified as a missed opportunity. Okonjo-Iweala observed that many of the textiles worn by Nigerians today are manufactured abroad, even though the country once had a thriving local textile sector. She called for renewed efforts to attract investors willing to produce these goods within Nigeria.
She further mentioned pharmaceuticals as another promising area, noting that global supply chain realignments could support the development of local drug manufacturing if the right investment climate is created.
Also participating in the discussion was the Managing Director of the Bank of Industry, Dr Oludapo Olusi.
Separately, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the government remains focused on reform discipline and investor confidence in an increasingly fragmented global economy. Speaking earlier to Bloomberg at the forum, Edun revealed that the administration aims to raise Nigeria’s tax-to-GDP ratio to 18 per cent in the near term, with additional revenues directed toward infrastructure development and social services to support long-term, sustainable growth.
