Akinwande Soji-Ojo
The Director-General of World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, on Sunday, said the average growth rate of Nigeria’s gross domestic product (GDP) has been steadily declining since 2014.
Okonjo-Iweala spoke at the opening ceremony of the 2024 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos.
She said the country’s economic fortunes experienced a steady rate between 2000 and 2014, during which the average GDP growth rate was approximately 3.8 per cent.
The WTO DG, however, said since 2014, the situation has reversed, stressing that the GDP is showing a negative growth rate of minus 0.9 percent due to government’s inability to sustain the positive growth achieved by previous administrations.
“Many of the big problems the NBA is grappling with today have its root in Nigeria’s failure to sustain the rate of economic growth and development that consistently outpaced the growth of our population.
“We have had episodes of reforms and faster economic growth that were not merely a function of the price of oil.
“But we have been unable to consolidate and build on them and millions of our compatriots have paid the price in terms of diminished job prospects and human wellbeing.
“For example, in the decade between 2000 and 2014, we have an average GDP growth rate of 3.8%, well above our population growth rate of 2.6% per annum, meaning that people were on average truly improving their standard of living.
“During the following decade, average annual GDP per capita has been negative around minus 0.9% meaning people were worse off because we were not able to sustain prior positive growth momentum,” she said.
Okonjo-Iweala said Nigeria need to sustain good economic policies, irrespective of the administration or political party in power, to foster development in the country.
According to the former Finance Minister, policy inconsistencies have accounted for the reversal in the fortune of the nation’s economic development.
To address the instability, she called for a social contract between the government and the people, which will go beyond the political party in power.
“This social contract must be generally accepted on what economic policies should be followed regardless of who is in power,” she said.
The WTO boss noted that maintaining good economic and social policies, maintaining policy consistency, and adding more reforms on top of that would lead Nigeria along the path of good progress that everyone desires.
‘Insecurity weaponised for political reasons‘
Meanwhile, Okonjo-Iweala, has said insecurity in Nigeria is being weaponised for political reasons.
She said there would be no development in the country without dequate security.
“We cannot have socio-economic development without security.
“We certainly cannot have security without development. We all know that security has been weaponised in our country for political purposes by political actors, leading partly to the situation we have now.
“We have politicians who believe that the best way to make their opponents look bad is to instigate insecurity making it look like they can’t govern, regardless of whether this leads to loss of lives and property of innocent Nigerians.This has to stop,” she said.
The WTO DG also said the massive theft of crude oil has undermined the country’s financial health.
“Nigerians have seen for years how organised crude oil theft on a massive scale seriously undermines the economic and financial health of the country.
“All Nigerians must agree that stealing of our national assets of any type is intolerable and must be stopped,” she said.
The former minister added that there is so “much technology to track crude oil theft and there should not be any excuses not to do so.”
