The Director General of the World Trade Organisation (WTO) and former Nigerian finance minister, Ngozi Okonjo-Iweala, has stressed the need for policy consistency in Nigeria, warning against the detrimental impact of the “not-in-my-administration syndrome” that has plagued the country’s governance.
Speaking at the 2024 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, Okonjo-Iweala emphasized that maintaining good economic and social policies across administrations is crucial for Nigeria’s progress.
“Maintaining policy consistency and adding more reforms on top of that will lead us along the path of good progress that we all desire,” Okonjo-Iweala stated during her keynote address titled, “A Social Contract For Nigeria’s Future.”
She stressed the importance of enshrining certain policies into law, ensuring they remain unchanged regardless of political transitions.
Addressing a gathering of distinguished legal professionals at the Eko Hotel & Suites, Okonjo-Iweala called for a unified social contract that prioritizes the security of lives and national assets.
She urged that key economic institutions, such as the Central Bank of Nigeria (CBN), must be allowed to operate independently, free from political interference that could destabilize the economy.
“No one should tamper with the Central Bank by manipulating interest rates or exchange rates or using it as a fiscal agent for printing naira beyond agreed limits. Such actions can fuel inflation,” she warned.
In addition to policy consistency, Okonjo-Iweala decried the weaponisation of insecurity by political actors in Nigeria.
She condemned the practice of instigating insecurity to undermine political opponents, stressing that it leads to unnecessary loss of lives and property.
“We cannot have socio-economic development without security, and we certainly cannot have security without development.
Politicians who believe that instigating insecurity to make their opponents look bad is a viable strategy must realize that this has to stop,” she declared.
The former World Bank executive also addressed the ongoing issue of crude oil theft, labeling it as intolerable.
Okonjo-Iweala pointed out that the technological means to track and prevent such theft exist and urged those responsible for curbing this menace to act decisively.
“Organised crude oil theft on a massive scale has seriously undermined the economic and financial health of the country.
“There is so much technology available now to track such theft, and there must be no more excuses for inaction,” she asserted.
The conference, themed “Pressing Forward; A National Posture to Rebuilding Nigeria,” featured prominent figures including former Ghanaian President John Mahama, Vice President Kashim Shettima (representing President Bola Tinubu), and acting Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun.
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