• Calls for protection of free speech to enhance accountability
•Cardoso: AI-ready workforce, others pillars of Africa’s growth
James Emejo in Abuja
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.
“It will not be easy to sustain public support unless people are convinced that they stand to benefit from the reforms.”
She called for stronger coordination among monetary, fiscal and trade institutions to ensure policy gains filtered into productive sectors of the economy.
The WTO boss said, “I would encourage the central bank to continue working with other economic institutions to ensure these reforms are effectively transmitted throughout the economy.”
On US tariffs on Nigeria, Okonjo-Iweala said the latter should not become overly preoccupied with the measures, adding that many of Nigeria’s key exports to the United States, particularly oil, remained exempt from those tariffs.
Okonjo-Iweala added that Africa’s demographic trends should strengthen confidence rather than pessimism, pointing out that “By 2050, one in every four people in the world will be African.”
In his remarks, the central bank governor, Cardoso, identified fragmentation in global trade, more selective international capital and rapid advances in artificial intelligence as the three defining shifts confronting African economies.
Speaking during the engagement, he said, “The question is no longer whether the global order is changing. The question is how we turn that change from a source of vulnerability into a source of growth and shared prosperity.
“The era of abundant liquidity chasing returns regardless of risk is over. Capital increasingly flows to countries that offer credibility, transparency, policy consistency and strong institutions.
“Credibility is no longer only a central bank concern; it is a national economic asset.”
Cardoso stated that Africa could no longer rely principally on foreign investment, stressing that “We must mobilise more of our own resources—our pension funds, insurance assets, domestic savings and diaspora capital—and channel them into productive investment.”
Cardoso said difficult reforms undertaken over the past three years were beginning to restore confidence in the economy.
He stated that “At the central bank, we returned firmly to our core mandate. We unified the exchange rate, restored price discovery, ended monetary financing of fiscal deficits and rebuilt the foreign exchange market around transparency and settlement integrity.”
He added that consistency had begun producing measurable outcomes, noting that “Inflation has moderated from high levels, external buffers have strengthened and the financial system is safer and better capitalised.”
The CBN governor stressed that stability remained indispensable for attracting investment and expanding regional trade, emphasising Nigeria’s strategic importance to the continent and noting that the former accounts for about 60 to 70 per cent of West Africa’s GDP and about one-quarter of Africa’s economy.
“If Nigeria gets it right, the benefits will extend far beyond our borders. That is why we simply cannot afford to get it wrong,” he argued.