Okonjo-Iweala Warns President Tinubu Against Using the CBN for Financial Goals

In a recent address, Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization, shared a crucial piece of advice with Nigerians.

She emphasised the need for the country to maintain steady economic and social policies.

Okonjo-Iweala highlighted that stability is key, even when new leaders come into power, to ensure a strong and reliable future for the nation.

Ngozi Okonjo-Iwealawas at the Nigerian Bar Association’s 2024 Annual General Conference in Lagos on Sunday.

There, she took the stage with a critical message.

The director-general urged Nigeria to avoid disruptions in its policies that could hinder economic progress.

She said: “We should make protecting lives and national assets a top priority in our social contract.”

She emphasised that crucial economic institutions like the Central Bank of Nigeria (CBN) need to function independently.

Okonjo-Iweala warned against using the CBN for short-term fiscal goals, such as manipulating interest rates or controlling exchange rates.

She also cautioned that excessive money printing could lead to inflation

In her keynote address, titled ‘A Social Contract for Nigeria’s Future,’ Okonjo-Iweala stressed the importance of maintaining consistent economic and social policies and implementing necessary reforms.

She criticised the “not-in-my-administration syndrome,” where new governments discard the policies of their predecessors, resulting in unpredictable economic results.

Championing a National Social Agreement
Ngozi Okonjo-Iweala compellingly argued for a national social contract that transcends political divides.

This contract aims to unite all Nigerians around common objectives.

She suggested embedding key policies in law and allowing public review to ensure consistency over time.

In her speech, she stressed improving basic infrastructure and creating social safety nets for vulnerable groups as essential to the social contract.

She highlighted judicial independence and urged the Nigerian Bar Association to hold the government accountable.

“A social contract will build a strong and stable foundation for Nigeria,” she said.

“It will help both citizens and residents to flourish,” painting a hopeful vision for the country’s future.