World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala has urged Nigeria to adopt consistent economic and social policies, stressing the importance of stability regardless of changes in government leadership.
Addressing the Nigerian Bar Association’s (NBA) 2024 Annual General Conference in Lagos on Sunday, Okonjo-Iweala called for the avoidance of policy disruptions that could impede economic growth.
“The security of lives and national assets should be a priority in this social contract. Key economic institutions, like the Central Bank of Nigeria (CBN), must operate independently,” she said.
Okonjo-Iweala cautioned against using the CBN for fiscal objectives such as interest rate manipulation, exchange rate control, or excessive money printing, warning that such practices could trigger inflation.
“Maintaining sound economic and social policies, ensuring consistency, and implementing further reforms will guide us towards the progress we all seek,” she said during her keynote address, titled ‘A Social Contract for Nigeria’s Future.’
The developmental economist and former Nigerian finance minister criticised what she referred to as the “not-in-my-administration syndrome,” where incoming governments discard the policies of their predecessors, leading to erratic economic outcomes.
Advocating for a National Social Contract
Okonjo-Iweala advocated for a national social contract that transcends political divisions, uniting Nigerians around shared goals. She proposed that essential policies be enshrined in law and made subject to public scrutiny to ensure continuity.
She also underscored the need for basic infrastructure development and the establishment of social safety nets for vulnerable populations as critical elements of this social contract.
Highlighting the importance of judicial independence, Okonjo-Iweala called on the NBA to hold the government accountable for its actions.
“A social contract will lay a strong and stable foundation for Nigeria, empowering citizens and residents to thrive,” she stated.
