Ngozi Okonjo-Iweala, former Minister of Finance and current Director-General of the World Trade Organization (WTO), has stated that a lot of confidence was shattered during the conduct of the 2023 general elections.
Okonjo-Iweala stated this on Monday during an induction ceremony for newly elected governors in Abuja, the nation’s capital.
Ngozi stated that no government can achieve growth and progress without first establishing trust, and that there can be no nation-building unless individuals trust their political leaders.
“Taking into account the larger global context is one prerequisite for successful nation-building; another prerequisite is trust and a sense of common purpose.”
“I continue to believe that a brighter future is within our collective grasp.” However, in order to move forward and take it, we must first
Political and corporate leaders at the state and national levels will need to come together to pursue pro-growth and pro-development policies.
“We should aim to double our growth rate and maintain that higher growth until we reach upper middle-income status.” We might also strive to increase Nigeria’s global trade share from 0.33% to 0.66% within a decade. We need trust to form such an agreement.
“Nation-building is impossible without trust, perhaps especially in Nigeria.” Even before we gained independence, the generation of leaders who led us to liberty recognized the importance of trust in our country’s development.
“Honorable governors, let us be candid: trust in Nigeria has always been brittle, but following the election, a lot of people have lost faith.”
Trust has been betrayed.
“Nigeria is a country with no social contract,” which means that Nigerian political leaders have never been able to agree on a set of ideas, values, and policies that consistently deliver for their inhabitants regardless of ethnic group or political party.
The former Finance Minister stated that the governors-elect must reestablish confidence through their policies and programs in order to recover Nigerians’ support.
“Excellencies, you have a lot of healing to do — within your states and between them,” she continued. You must demonstrate to Nigerians that they are equally loved by your words, actions, and policies. That they are free to settle and conduct business in any region of the country. I adore Nigeria.
I love this country and want to feel welcome in any part of it.
“Just as different states must rebuild perceptions among Nigerians, we must collectively rebuild the Nigerian brand in the broader regional and international economy.”
“Narratives about countries are important in capital allocation decisions, particularly in emerging markets and developing economies.” Foreign investment has previously followed when we provided a positive story backed by a credible reform trajectory.
“We have earned respect by demonstrating that we are aware that we account for roughly 70% of the West African sub-region’s GDP and 23% of Sub-Saharan Africa’s GDP, and we have run our country and economy responsibly to benefit not only us, but the region and sub-region.”
“We must continue to recognize that Nigeria has a significant role to play both at home and abroad, and we must better govern our country not only for ourselves but also for the rest of Africa.”