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WTO DG Urges Nigeria to End Raw Mineral Exports, Create Jobs
The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has challenged Nigeria to take advantage of the ongoing restructuring of global trade by moving beyond the export of raw minerals and commodities to value-added production capable of creating millions of jobs.
She said the changing global economic order presents a rare opportunity for Nigeria and other African countries to become major players in global supply chains, warning that failure to seize the moment could leave the continent behind in the next phase of global commerce.
Speaking at the 7th African Emerging Markets Forum held in Abuja in partnership with the Central Bank of Nigeria (CBN), Okonjo-Iweala said the current global trade environment, shaped by geopolitical tensions, technological disruption and supply chain diversification, should be seen as an opportunity rather than a crisis.
She noted that despite heightened global trade tensions and tariff disputes, the multilateral trading system remains resilient, revealing that 72 per cent of global goods trade still takes place under the WTO’s Most Favoured Nation (MFN) rules, while another 16 per cent flows through bilateral and regional trade agreements built on WTO foundations.
According to her, the figures demonstrate that global trade remains largely rules-based despite widespread concerns over protectionist measures and tariff increases.
“People often assume the WTO system has broken down completely, but 72 per cent of world trade still takes place under WTO rules. An additional 16 per cent operates within the wider WTO framework through regional and bilateral agreements,” she said.
She explained that beyond tariff regulation, the WTO provides the global standards governing customs procedures, technical regulations, health and safety standards, and intellectual property, describing the organisation as “the plumbing of global trade” that keeps international commerce functioning smoothly.
The WTO chief observed that global trade has shown remarkable resilience despite successive shocks, including the COVID-19 pandemic, the Russia-Ukraine war, disruptions along the Suez and Panama canals, and rising tariff measures by major economies.
According to her, global merchandise trade volumes in 2025 were more than 12 per cent above pre-pandemic levels recorded in 2019, while global services trade had expanded by about 31 per cent over the same period.
Okonjo-Iweala said another major trend is the rapid growth of South-South trade, which now accounts for about one-quarter of global trade, compared to less than one-tenth three decades ago.
She noted that nearly half of the world’s existing regional trade agreements are now signed among developing countries, creating fresh opportunities for African economies.
Turning specifically to Africa, the WTO Director-General urged governments to abandon the long-standing model of extracting and exporting raw materials without domestic processing.
She said Africa, which holds about 30 per cent of the world’s known critical mineral reserves, must build regional value chains capable of producing higher-value products needed for the global green economy.
“Instead of the extract-and-export model that has contributed to volatility, underdevelopment, corruption and conflict, Africa should pursue higher-value production through regional value chains and integration into global supply networks,” she said.
She warned that the current geopolitical push by major economies to diversify supplies of critical minerals offers Africa only a limited window of opportunity.
“The time to seize this opportunity is now. If we miss this opportunity, I am afraid we would have missed a great deal.”
Okonjo-Iweala cited Morocco’s use of phosphate resources to manufacture electric vehicle components and similar value-addition initiatives in Zambia, Mozambique, Angola and Nigeria as encouraging examples that should be expanded through coordinated regional strategies.
She also called for comprehensive reforms of the WTO to strengthen global trade rules, improve decision-making processes and develop new frameworks for digital trade, artificial intelligence and green commerce.
Commending the Central Bank Governor, Mr. Olayemi Cardoso, for restoring stability to Nigeria’s monetary system, she said the country must sustain broader macroeconomic reforms through prudent fiscal management, responsible debt policies and improved governance.
However, she stressed that economic reforms would only succeed if ordinary Nigerians experience tangible improvements in their daily lives.
“Nigeria needs to continue macroeconomic reforms, but above all, it must create jobs and economic opportunities for its young and growing population. Nigerians must feel the dividends of reform in the real economy,” she said.
Earlier, Cardoso said Africa must transform the changing global economic landscape into an opportunity for sustainable growth by strengthening regional trade, building credible institutions and investing heavily in technology and artificial intelligence.
According to him, the era of abundant global capital has ended, with investors now prioritising economies that demonstrate transparency, policy consistency and institutional credibility.
He said Africa could no longer depend solely on foreign investment but must mobilise domestic savings, pension assets, insurance funds and diaspora capital to finance development.
Cardoso also identified artificial intelligence as one of the defining economic forces of the future, urging African governments to move beyond merely consuming foreign technologies.
“Africa must become creators of technology by developing African solutions to African challenges and building businesses capable of exporting those innovations to the rest of the world,” he said.
He noted that Nigeria’s recent monetary reforms—including exchange rate unification, tighter monetary policy, greater transparency in the foreign exchange market and the end of monetary financing of fiscal deficits—have strengthened macroeconomic stability and restored investor confidence.
The CBN governor argued that macroeconomic stability, continental integration through the African Continental Free Trade Area (AfCFTA), productive long-term investment and investment in Africa’s youthful population would determine whether the continent benefits from the evolving global economic order.
While acknowledging growing anxiety over changes in global trade, Cardoso said the disruption also offers Africa a historic opportunity to move from being a rule-taker to becoming an active participant in shaping the future global economy.
“The world is changing. Let us seize this moment for Africa,” he said.
