Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has called for a new social contract in Nigeria to foster policy consistency and unity, moving beyond the political infighting that has hindered the nation's development since independence. Speaking at the Nigerian Bar Association Annual Conference on August 25, 2024, she emphasized that over 60 years post-independence, Nigeria continues to struggle with nation-building and economic stagnation. Okonjo-Iweala highlighted that Nigeria's per capita GDP stands at only $1,620, significantly lower than South Korea's $33,000, which is now 20 times higher than Nigeria's. She criticized the prevalent 'not-made-in-my-administration syndrome' that leads to inconsistent policies and economic stagnation, urging for a cross-party agreement on essential policies to create a stable environment for growth. [1688e3fe]
In her address, Okonjo-Iweala pointed out the urgent need for security as a foundational element for economic development. She argued that a unified approach to economic policy is crucial for stimulating growth and stability in the country. This call for unity comes at a time when civil society organizations are voicing concerns over the WTO's proposed investment facilitation for development (IFD) pact, which they argue lacks proper consensus and primarily benefits foreign investors. India and South Africa are leading the opposition against this agreement, asserting that it breaches fundamental WTO rules. [e56d1e16]
Additionally, La Via Campesina, a network advocating for small-scale food producers, has urged UNCTAD to support a food sovereignty-based global trade framework. They argue that the current global trade governance has failed to deliver inclusivity and prosperity, particularly for the Global South. This initiative aligns with Okonjo-Iweala's vision of fostering policy consistency and stability, underscoring the interconnectedness of trade, economic policy, and social justice in achieving sustainable development. [08d66b01]