Nigeria’s economic growth has been on a downward trend since 2014, according to the World Trade Organisation Director-General Ngozi Okonjo-Iweala. Speaking at the Nigerian Bar Association (NBA) General Conference, she noted that the country’s Gross Domestic Product (GDP) growth rate has turned negative, with an average annual decline of 0.9 per cent in recent years. This is a significant shift from the earlier decade (2000-2014), when Nigeria’s GDP grew at an average of 3.8 per cent, outpacing the population growth rate of 2.6 per cent.
Okonjo-Iweala linked this economic downturn to policy inconsistencies and the failure to sustain reforms. She emphasised the need for Nigeria to adopt long-term, consistent economic policies that transcend political administrations. She called for a “social contract” between the government and the people to ensure the continuation of beneficial policies, regardless of which political party is in power.
In addition to economic challenges, Okonjo-Iweala pointed to the insecurity plaguing Nigeria. She expressed concern that insecurity has been weaponised for political purposes and this is hindering the country’s socio-economic development. The former Finance Minister also addressed the issue of large-scale crude oil theft, which has significantly weakened Nigeria’s financial stability. She stressed the importance of using available technology to curb this theft and protect the nation’s assets.
These issues, according to Okonjo-Iweala, are critical to Nigeria’s future, as they directly impact the country’s ability to develop and improve the lives of its citizens.
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