Shift From Economic Stabilisation to Job Creation – Okonjo-Iweala to FG

 

Shift From Economic Stabilisation to Job Creation – Okonjo-Iweala to FG Ngozi Okonjo-Iweala, director-general of the World TradeOrganisation (WTO), says Nigeria needs to shift its focus from stabilisation tojob creation and attracting global investments. Okonjo-Iweala spoke on Wednesday during a fireside chat atthe Nigeria House during the ongoing World Economic Forum (WEF) in Davos. “As you said, some good reforms are being pursued right now.I think they need to yield into job creation,” she said. “This is what I also said to His Excellency, Mr President,that we have to move from stabilisation to creating jobs because that’s wherewe are lacking.” The WTO director-general said the reforms are not going tobe implemented overnight. She added that the federal government is moving in the rightdirection but needs to “map where the opportunities are”. “What I’d like to see us doing is continue to try to attractinvestment into the country because there’s an opportunity now to attract allthese supply chains,” Okonjo-Iweala said. “So if there’s one thing I’d like to see, everything we cando to show Nigeria as a country worthy of investing in, that’s what we shouldbe doing. “And we should deliberately have a strategy to go afterthose investments, to go after investors, to go to China, the United Nations(UN) — whatever it takes to let them come and invest in our country.” She said that as investors look to diversify their supplychains, many are turning to Asia. “So a lot of the diversification is away from China intoAsia and India is another move,” Okonjo-Iweala said. “We should attract some of that. I’m not saying all, but agood sizable chunk. Let’s build solar panels in Nigeria because we’reimporting, but we can also manufacture. “We have the renewable capacity, the fashion thing, let themcome and invest. Every time we buy a piece of wax, I spend time sometimes tosee where it is made.” She asked the country to attract investment to manufacturethe product “at home rather than elsewhere”. “And then, and all the shiny new textiles that we’re allwearing now, I don’t think they’re made in Nigeria. A lot of them areimported,” Okonjo-Iweala said. “Let’s try to attract them. So that’s what I would do. Thisis really my passion and pharmaceuticals, there’s a chance there as well.” The DG added that there are specific supply chains where thecountry has strong potential to attract investment. Shift From Economic Stabilisation to Job Creation – Okonjo-Iweala to FG latest news in nigeria domestic