World Trade Organisation (WTO) Director General, Ngozi Okonjo-Iweala, has urged Nigeria to maintain policy consistency across successive administrations to ensure sustainable economic progress.
Speaking at the 2024 Annual General Conference of the Nigerian Bar Association (NBA) on Sunday at the Eko Hotel & Suites in Lagos, Okonjo-Iweala emphasized the need for a social contract that transcends political and administrative changes.
“Maintaining good economic and social policies; maintaining policy consistency and adding more reforms on top of that will lead us along the path of good progress that we all desire,” she stated, addressing an audience of legal professionals.
In her keynote speech titled, “A Social Contract for Nigeria’s Future,” the former Nigerian finance minister criticized what she described as the “not-in-my-administration syndrome,” which she said has hindered Nigeria’s economic performance.
She called for certain key policies to be protected from alteration during transitions between administrations, suggesting that they should be enshrined in law after public scrutiny.
Okonjo-Iweala also stressed the importance of safeguarding the independence of crucial institutions such as the Central Bank of Nigeria (CBN).
“No one should tamper with the Central Bank asking for the manipulation of interest rates or exchange rates,” she warned, adding that using the CBN as a fiscal agent for excessive money printing could fuel inflation.
She proposed that a social contract for Nigeria should prioritize the security of lives and national assets, the provision of basic infrastructure, and the establishment of social safety nets for the most vulnerable members of society.
Additionally, she advocated for the true independence of the judiciary, urging the NBA to hold the government accountable on all these fronts.
“A social contract will enable a strong and stable foundation for Nigeria upon which citizens and residents can thrive,” Okonjo-Iweala concluded.
The event, themed “Pressing Forward: A National Posture to Rebuilding Nigeria,” also featured prominent figures such as former Ghanaian President John Mahama, and President of the Court of Appeal of Nigeria, Justice Monica Dongban-Mensem.
President Bola Tinubu was represented by Vice President Kashim Shettima, and other dignitaries, including Acting Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, and Senate President Godswill Akpabio, were represented.