Policy Consistency is Key to Nigeria’s Progress – Ngozi Okonjo-Iweala
WTO Director General and former Nigerian minister Ngozi Okonjo-Iweala criticized the “not-in-my-administration syndrome” in governance, which she argues has hindered Nigeria’s economic performance.
She emphasized the need for policy consistency in Nigeria, regardless of changes in leadership.
Speaking at the Nigerian Bar Association’s 2024 Annual General Conference at the Eko Hotel & Suites in Lagos, she stated, “Maintaining good economic and social policies and continuously reforming will guide us toward the progress we all seek.”
Known for her distinct African attire, Okonjo-Iweala delivered the keynote address titled ‘A Social Contract For Nigeria’s Future.’
She said Nigeria needs a social contract and that all Nigerians, regardless of political or other affiliations, should agree on a social contract.
The developmental economist emphasized that certain essential policies should remain unchanged during transitions of power in Nigeria.
She advocated for these policies to be codified into law after public review.
Okonjo-Iweala stated that ensuring policy consistency and implementing further reforms will lead to the good governance we all seek.
“Do not interfere with CBN”
She stated that the security of lives and national assets must be prioritized in the social contract, while the fundamental sectors of the economy should operate independently.
“No one should tamper with the Central Bank asking for the manipulation of interest rates or exchange rates. Do not use the Central Bank as a fiscal agent asking for the printing of naira beyond agreed Ways and Means limits as this can fuel inflation,” she added.
The former World Bank executive stated that basic infrastructure should be the third element of the social contract, which must also include social safety nets for society’s most vulnerable.
She emphasized that true judicial independence should be the fourth element and urged the NBA to hold the government accountable.
According to her, a social contract would create a strong and stable foundation for Nigeria, allowing its citizens and residents to thrive.
The event, themed ‘Pressing Forward; A National Posture to Rebuilding Nigeria,’ hosted notable figures from home and abroad.
Former Ghanaian President John Mahama and Justice Monica Dongban-Mensem, President of Nigeria’s Court of Appeal, attended in person, while Vice President Kashim Shettima represented President Bola Tinubu.
Acting Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, and Senate President Godswill Akpabio, along with House Speaker Tajudeen Abbas, were also represented.
