Nigeria urges value-driven growth as Davos Forum concludes

The World Economic Forum wrapped up after several days of high-level discussions that brought together hundreds of global leaders, CEOs and change-makers under the theme "A Spirit of Dialogue."

Despite uncertainty linked to United States President Donald Trump's administration, debates at this year's gathering highlighted the growing influence of the Global South as a key driver of global economic growth.

Speaking on the sidelines of the forum, Nigeria's Foreign Minister, Yusuf Tuggar, outlined Nigeria's foreign policy priorities and its push to deepen engagement with regional and global partners.

"Nigeria's foreign policy priorities are first and foremost security, security within Nigeria, and that requires engagement with our neighbours and our region", he said. "Our approach is based on multilateralism, respect for international law and treaty obligations, and strategic autonomy. We avoid ideological alignments and instead prioritize partnerships of purpose rather than alliances of obligation."

Regarding economic issues, Tuggar emphasized the need for Nigeria to move beyond exporting raw materials and instead invest in domestic production and industrialization.

"If you don't localize production and processing of raw materials to add value, you will not develop. Nigeria has a rapidly growing population — about 230 million today — which could reach 400 million in the next two decades. Millions of young people are entering the job market every year. We cannot continue exporting raw minerals and agricultural commodities without building manufacturing capacity."

He warned that maintaining the current economic model would deepen trade imbalances, arguing that Nigeria must transition toward producing finished goods to ensure sustainable growth and long-term development.