Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO), has raised concerns about the country’s declining GDP growth.
Speaking at the annual General Conference of the Nigerian Bar Association (NBA) on Sunday, Okonjo-Iweala highlighted a troubling trend that has marked the Nigerian economy since 2014.
Addressing an audience of legal professionals, policymakers, and economists, Okonjo-Iweala painted a grim picture of Nigeria’s economic performance, noting that the nation’s GDP growth rate has significantly deteriorated over the past decade.
She observed that between 2000 and 2014, Nigeria enjoyed a relatively robust average GDP growth rate of 3.8%, which notably outpaced the population growth rate of 2.6% annually.
This period was characterized by substantial economic advancements and improvements in living standards for many Nigerians.
However, the post-2014 era has been marked by economic stagnation and decline. According to Okonjo-Iweala, Nigeria’s GDP growth rate has turned negative, recording a troubling average decline of 0.9%.
This reversal, she argues, reflects the government’s failure to sustain the positive economic momentum achieved by previous administrations.
“The contrast between the two decades is striking,” Okonjo-Iweala said. “While the early 2000s brought significant economic progress, the subsequent years have seen a marked decline in GDP growth, which has directly impacted the average Nigerian’s quality of life.”
The WTO Director General attributed this decline to a combination of factors, including inconsistent economic policies, lack of effective reform implementation, and broader macroeconomic challenges.
She said despite various reform attempts and temporary economic improvements, Nigeria has struggled to build on and consolidate these gains.
“The inability to sustain economic growth has had severe repercussions,” Okonjo-Iweala continued. “Many Nigerians are facing diminished job prospects and reduced well-being, as the benefits of earlier growth have not been maintained or built upon.”
In her address, Okonjo-Iweala urged for urgent and comprehensive economic reforms to address these challenges.
She called on Nigerian policymakers to focus on strategies that promote sustainable growth, enhance economic stability, and improve the overall quality of life for the populace.
The call for action comes at a time when Nigeria is grappling with various economic pressures, including inflation, currency depreciation, and unemployment.
Okonjo-Iweala’s remarks underscore the need for renewed efforts to stabilize the economy and implement policies that can drive long-term growth and development.
