Nigeria Must Attract ‘China+1’ Investors to Boost Jobs Cut Imports

Spread the love

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged Nigeria to actively pursue global investors and attract relocating supply chains as a strategy to generate jobs, deepen industrialisation, and reduce the country’s reliance on imports.

Gossip News Now reports that Okonjo-Iweala made the call on Wednesday during a panel discussion titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor” at Nigeria House, held on the sidelines of the ongoing World Economic Forum in Davos.

A short clip from the discussion was shared by GLAZIA on X.

Okonjo-Iweala highlighted how rising geopolitical tensions, particularly between the United States and China, have accelerated global supply chain diversification. Many multinational companies are adopting the “China+1” strategy to reduce dependence on a single country, even as China remains central to global value chains.

She noted that tariffs and trade restrictions have forced firms to rethink production locations, creating opportunities for Nigeria to position itself as an attractive investment destination.

The former Nigerian finance minister said ongoing economic reforms must translate into tangible job creation.

“As you said, some good reforms are being pursued right now. I think they need to yield to job creation. We need to move from stabilisation to job creation, because that is where we are lacking,” Okonjo-Iweala said.

She added, “It is not going to happen overnight, but they are moving in the right direction. What I think they need to do is map where the opportunities are.”

The WTO chief stressed the need for sustained and deliberate efforts to attract foreign direct investment, especially as global firms diversify their supply chains.

“What I would like to see is a continued effort to attract investment into the country, because there is an opportunity now to attract these supply chains. Everything we can do to showcase Nigeria as a country worthy of investment is what we should be doing,” she said.

Okonjo-Iweala emphasised that Nigeria must strategically target investors across major economies, including China, the US, and other global markets.

“We should deliberately have strategies to go after those investments and investors, to go to China, the US, whatever it takes, to come and invest in our country,” she said.

While much of the current supply chain diversification remains within Asia, she noted that Nigeria should aim to capture a meaningful share of this shift.

“As companies seek to diversify supply chains, a lot of that movement is still within Asia. Diversification is moving from China but still within Asia, and India is another destination. We should attract a sizeable chunk of that. I’m not saying all,” she added.

Okonjo-Iweala also highlighted key sectors for local manufacturing, including renewable energy, fashion, and pharmaceuticals.

“Let’s build solar panels in Nigeria. We are importing, but we can manufacture locally. In fashion, let investors come. Many of the shiny new textiles we wear are imported; we can produce them at home. Pharmaceuticals also present a major opportunity,” she said.

Bank of Industry, Finance Ministry Support Investment Drive
Also participating in the panel was Dr Oludapo Olusi, Managing Director of the Bank of Industry (BOI).

Meanwhile, Finance Minister and Coordinating Minister of the Economy, Mr Wale Edun, emphasised that Nigeria remains focused on economic discipline as it seeks to attract investment and industrial growth.