Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO), has called for policy consistency in Nigeria, urging that it be maintained regardless of changes in administration.
“Maintaining good economic and social policies; maintaining policy consistency and adding more reforms on top of that will lead us along the path of good progress that we all desire,” she told a room filled with lawyers at the Eko Hotel & Suites in Lagos on Sunday.
The renowned developmental economist, known for her distinctive African Ankara attire and uniquely angled headgear, delivered a keynote address titled “A Social Contract for Nigeria’s Future” at the opening ceremony of the 2024 Annual General Conference of the Nigerian Bar Association (NBA) on Sunday.
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In her address, the former Nigerian finance minister criticized what she termed the “not-in-my-administration syndrome,” which she believes has hindered Nigeria’s economic progress.
She advocated for a national social contract, urging that all Nigerians, regardless of political or other affiliations, should agree on a unified approach.
Okonjo-Iweala emphasized that certain fundamental policies should remain unchanged despite shifts in administration.
She suggested that such policies be enshrined in law following public scrutiny.
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She argued that maintaining policy consistency and implementing additional reforms are crucial steps toward achieving good governance.
Furthermore, she stressed that the security of lives and national assets should be a priority in the social contract, and that essential economic institutions should be allowed to 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 emphasized that the provision of basic infrastructure should be the third pillar of the social contract.
She highlighted the importance of including social safety nets for the most vulnerable members of society as part of this agreement.
She also argued that true judicial independence should be the fourth component of the social contract, urging the Nigerian Bar Association (NBA) to hold the government accountable on all fronts.
According to her, establishing a social contract will provide a solid and stable foundation for Nigeria, allowing both citizens and residents to thrive.
The event, themed “Pressing Forward: A National Posture to Rebuilding Nigeria,” featured distinguished personalities from both domestic and international spheres.
