Director General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, yesterday declared that the country’s future economic success will be determined by the quality of its leadership rather than its vast natural resources, stressing that economic reforms must translate to jobs and tangible benefits for the citizenry.
She spoke during a firechat with Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, at the 7th Africa Emerging Markets Forum (EMF) in Abuja.
Okonjo-Iweala added that good governance alone could account for about three-quarters of the country’s success.
This is as Cardoso said the continent must respond strategically to an increasingly fragmented global economy by strengthening macroeconomic stability, expanding regional integration, mobilising domestic investment and preparing its workforce for an AI-driven future.
He also noted that investors now place greater emphasis on institutional quality than ever before.
Okonjo-Iweala, a former Minister of Finance and Coordinating Minister for Economy during the administration of ex-President Goodluck Jonathan, said Nigeria’s leaders must move beyond policy pronouncements to delivering jobs, expanding opportunities and giving young Nigerians compelling reasons to build their future at home rather than abroad.
She said, “It’s all about leadership. We need leaders who have the interests of the country and the continent at heart—not themselves. Leaders who ask the right questions, focus on implementation, create jobs for young people and remove the obstacles preventing economic growth.
“If we get leadership right, that alone takes us a very long way. I hope we will indeed have a continent and a country where young people are not seeking to leave, but are seeking to stay because opportunities exist for them here.” She explained that while leadership was critical, followership also matters as much.
She added, “Citizens must demand integrity, transparency and accountability from those who govern them. Good governance cannot thrive without an active and engaged citizenry.
“People must be willing to raise their voices, participate in democratic processes and insist on doing the right thing. Equally important is the protection of free speech so that citizens can hold leaders accountable. This responsibility does not lie with the media alone. It belongs to everyone.”
While commending CBN’s reforms, Okonjo-Iweala cautioned that macroeconomic achievements would ultimately be judged by their impact on households and businesses.
She said, “I think what the central bank has done in trying to reposition itself and focus on its core mandate has been very commendable.
“But there are two challenges. One is how to translate these reforms into the everyday lives of Nigerians. Until people begin to feel the impact of these reforms in the real economy and see tangible benefits, there will continue to be criticism.
