Director General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has advocated policy consistency in Nigeria regardless of change from one administration to another.
“Maintaining good economic and social policies; maintaining policy consistency and adding more reforms on top of that will lead us along the path of good progress that we all desire,” she told a room filled with lawyers at the Eko Hotel & Suites in Lagos on Sunday.
The globally-respected development economist known for her African print Ankara wears and peculiar headgear tilted at a convenient angle delivered a keynote address entitled, ‘A Social Contract For Nigeria’s Future’ at the opening ceremony of the 2024 Annual General Conference of the Nigerian Bar Association (NBA) on Sunday.
The former Nigerian finance minister decried a phenomenon she labelled as the “not-in-my-administration syndrome” in governance, which she said has been responsible for the not-so-good economic performance of Nigeria.
She said Nigeria needs a social contract and that all Nigerians, regardless of political or other affiliations, should agree on a social contract.
The development economist said certain sacrosanct policies should not be changed whenever Nigeria witnesses administration changes.
She said some of these policies should be made into law after being scrutinised by the public.
Okonjo-Iweala said maintaining policy consistency and adding more reforms on top of that will along the path of good governance that we all desire.
‘Don’t Tamper With CBN’
According to her, the security of lives and national assets should be prioritised in the social contract, adding that basic organs of the economy should be left to work independently.
“No one should tamper with the Central Bank asking for the manipulation of interest rates or exchange rates. Do not use the Central Bank as a fiscal agent asking for the printing of naira beyond agreed Ways and Means limits as this can fuel inflation,” she added.
The former World Bank top executive said the provision of basic infrastructure should form the third element of the social contract. She said the crafting of social safety nets for the most vulnerable of society should be included in the social contract.
True independence of the judiciary should form the fourth element of the social contract, she said, while charging the NBA to hold the government accountable on all grounds.
[Channels TV]
