Okonjo-Iweala at Davos: Nigeria Positioned to Dominate Global Supply Chains

The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, has urged Nigeria to adopt a deliberate and strategic approach to attracting global investors and relocating supply chains, describing it as a critical pathway to job creation, industrial expansion and reduced dependence on imports.

She made the call on Wednesday during a discussion titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” held at Nigeria House on the sidelines of the ongoing World Economic Forum in Davos. A short clip from the session was shared by lifestyle and policy platform GLAZIA on its X account.

Okonjo-Iweala noted that mounting geopolitical tensions—particularly between the United States and China—have accelerated shifts in global production networks. Companies, she explained, are increasingly diversifying supply chains to reduce over-reliance on a single country, a trend often described as the “China+1” strategy. While China remains deeply embedded in global value chains, tariffs, trade restrictions and political uncertainty are prompting firms to rethink sourcing and production locations.

According to her, these global disruptions present a rare opportunity for Nigeria to position itself as a competitive alternative within international supply chains, but only if the country actively markets itself and pursues investors with clear intent.

She stressed that while ongoing economic reforms are encouraging, the next critical phase must translate stability into tangible job creation.

“We need to move from stabilisation to job creation—that is where the real gap is,” she said, adding that progress will take time but that current reforms are moving in the right direction. She urged policymakers to clearly identify sectors where Nigeria can realistically compete and scale.

Okonjo-Iweala called for sustained efforts to attract foreign direct investment, arguing that Nigeria must aggressively showcase itself as a credible and profitable destination for global capital.

“Everything we can do to present Nigeria as a country worthy of investment is what we should be doing,” she said. “We should have deliberate strategies to go after those investments—whether in China, the United States or elsewhere—and bring them into our economy.”

She observed that much of the current supply-chain diversification is still happening within Asia, with countries like India emerging as key beneficiaries. However, she argued that Nigeria should aim to capture a meaningful share of this shifting production landscape.

Using renewable energy and manufacturing as examples, she questioned why Nigeria continues to rely heavily on imports despite having the capacity to produce locally.

“Why can’t we build solar panels in Nigeria? We have the renewable energy potential. In fashion, why are so many of the textiles we wear made abroad? If you check the labels, many are not produced here. We should be attracting investment to manufacture at home,” she said.

She also identified pharmaceuticals as another high-potential sector, noting that Nigeria could benefit significantly by positioning itself within global pharmaceutical supply chains.

“These are the kinds of supply chains I would be actively targeting,” she added.

Also participating in the panel was the Managing Director of the Bank of Industry, Dr Oludapo Olusi, who joined the discussion on financing industrial growth and trade infrastructure.

Meanwhile, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the country remains focused on fiscal discipline, policy credibility and sustained engagement with investors amid growing global economic fragmentation.

Speaking earlier in an interview with Bloomberg on the second day of the World Economic Forum, Edun said the government’s immediate priority is to strengthen domestic revenue mobilisation.

“In the short term, the objective is to raise the tax-to-GDP ratio to 18 per cent and deploy those resources towards social services and critical infrastructure,” he said.

Edun reaffirmed Nigeria’s commitment to reform, investor confidence and responsible economic management, noting that these pillars are essential for achieving long-term, sustainable growth in an increasingly divided global economy.