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Okonjo-Iweala Calls for Unity as Global Trade Faces Rising Challenges
Ngozi Okonjo-Iweala highlighted some pressing issues at the International Monetary and Finance Committee (IMFC) meeting of the World Bank-IMF annual meetings in Washington DC.
She shared her views on the significant challenges that global trade faces, such as rising protectionism and increasing fragmentation, pointing out the concerning trend of trade-restrictive measures.
These are not isolated occurrences but part of a wider shift in how nations interact on the world stage.
Countries are adopting more self-protective stances, limiting imports, raising tariffs, and creating barriers that ultimately hurt the flow of goods and services across borders.
Despite these challenges, Okonjo-Iweala stressed the importance of the multilateral trading system, which has served as the backbone of international trade for decades.
She believes that this system, grounded in collaboration among nations, is essential for maintaining global stability and growth.
Safeguarding it is crucial, as it supports the exchange of goods, innovation, and economic resilience worldwide.
Joining the discussions were prominent figures like UK Chancellor of the Exchequer Rachel Reeves, First Deputy Managing Director of the IMF Gita Gopinath, and Nigeria’s Finance Minister Wale Edun.
Rachel Reeves, with her deep experience in British economic policy, discussed how the UK views trade issues within the context of a more divided world.
Gopinath, known for her expertise on global macroeconomics, likely contributed insights on how rising barriers and fragmentation could impact economic growth worldwide, a critical topic as many countries are still trying to recover from the economic strains caused by the pandemic.
Meanwhile, Wale Edun, representing Nigeria, brought in the perspective of a developing economy, which often faces unique challenges in the global trade landscape, from currency fluctuations to limited access to financing for growth.
President Bola Ahmed Tinubu has paid tribute to late Nigerian actor Olu Jacobs, recalling his contributions to the creative industry and his impact on Nigeria’s cultural identity.
In his tribute, Tinubu described Jacobs as a giant of the Nigerian creative industry and said “He was a giant of the Nigerian creative industry. His passing is a great loss to Nigeria, the African film industry and the global community of lovers of the performing arts. His remarkable body of work will continue to speak to generations yet unborn.
“The nation recognises the enormous contributions of Nigeria’s creative practitioners to the country’s cultural identity, global image and economic development. Olu Jacobs played a big role in creating this identity.”
Human rights lawyer and activist Deji Adeyanju has called on President Bola Ahmed Tinubu to declare a state of emergency over the proliferation of counterfeit and substandard drugs and consumer products in Nigeria.
Adeyanju also called for the removal of the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Professor Mojisola Adeyeye, as well as the heads of other regulatory agencies, including the Standards Organisation of Nigeria (SON).
“Nigerians are being exposed to dangerous products daily, from fake and substandard medicines to unsafe consumer goods, with reports of drugs being sold wholesale in the open under the hot sun. No responsible government should expose its citizens to such risks and expect mortality rates not to rise.”
Adeyanju also called out NAFDAC over what he described as failures in regulating the circulation of counterfeit and substandard products in the country.
It can be noted that various counterfeit products continue to circulate in Nigerian markets, while NAFDAC has also reported seizures and destruction of counterfeit, expired and substandard products.
Lagosians have lamented heavy traffic caused by ongoing construction work at Kara Bridge along the Lagos-Ibadan Expressway.
The Federal Government announced that repairs on the damaged expansion joints at Kara Bridge would begin on September 8, 2026. The project, initially scheduled to begin in August, was delayed to allow further traffic management planning due to concerns over its impact on motorists.
Since work began, traffic around the Kara area has become heavy, with Lagosians sharing updates on social media about spending two hours or more on the road.
Some commuters say the delays have made their 9-to-5 routines difficult, with several hours spent travelling to and from work.
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