Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO), has emphasized the importance of policy consistency in Nigeria, irrespective of changes in administration.
Speaking at the Eko Hotel & Suites in Lagos on Sunday, Okonjo-Iweala, a renowned developmental economist known for her distinctive African print Ankara attire and signature headgear, addressed a room full of legal professionals. Her keynote speech, titled “A Social Contract for Nigeria’s Future,” was part of the opening ceremony of the 2024 Annual General Conference of the Nigerian Bar Association (NBA).
In her address, Okonjo-Iweala criticized what she called the “not-in-my-administration syndrome,” which she believes has hindered Nigeria’s economic progress. She argued that Nigeria needs a comprehensive social contract, one that transcends political affiliations and ensures the stability of essential policies.
According to Okonjo-Iweala, certain fundamental policies should be enshrined in law and protected from changes with each new administration. She urged that these policies be subjected to public scrutiny before becoming law.
Preserving Economic Institutions
One of her key recommendations was to protect the independence of crucial economic institutions, specifically the Central Bank of Nigeria (CBN). She warned against political interference in the CBN’s operations, including manipulating interest rates or exchange rates, or using it to print more naira beyond the agreed limits. Such actions, she noted, could exacerbate inflation.
Okonjo-Iweala also highlighted the need for a robust social contract that includes several core elements:
- Prioritizing the security of lives and national assets.
- Ensuring the provision of basic infrastructure.
- Establishing social safety nets for society’s most vulnerable.
- Upholding the independence of the judiciary.
- She urged the NBA to hold the government accountable and work towards these goals to build a strong and stable foundation for Nigeria’s future.
Event Highlights
The event, themed “Pressing Forward: A National Posture to Rebuilding Nigeria,” saw the participation of notable figures. Former Ghanaian President John Mahama and the President of the Court of Appeal of Nigeria, Justice Monica Dongban-Mensem, were present. President Bola Tinubu was represented by Vice President Kashim Shettima.
Also in attendance were Acting Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun; Senate President Godswill Akpabio; and Speaker of the House of Representatives, Tajudeen Abbas, who were represented by their deputies.