Okonjo-Iweala highlighted that from 2000 to 2014, Nigeria experienced a period of robust economic growth, with an average GDP growth rate of approximately 3.8%. This was notably higher than the country's population growth rate of 2.6% per year, suggesting that during this period, the standard of living for many Nigerians was improving.

However, the situation has taken a troubling turn since 2014. The WTO chief pointed out that the GDP growth rate has reversed, averaging a negative 0.9% annually. This downturn has meant that the Nigerian economy has failed to keep pace with population growth, resulting in a deterioration of job prospects and overall human well-being for millions of citizens.

"Many of the big problems the NBA is grappling with today have their roots in Nigeria's inability to sustain the economic growth and development that once outpaced our population growth," Okonjo-Iweala observed. She emphasized that while Nigeria had experienced episodes of reform and accelerated economic growth, these gains were not consolidated, leading to a significant reversal in economic fortunes.

Okonjo-Iweala's remarks underscore the urgent need for Nigeria to address the underlying issues that have contributed to this economic decline. She pointed out that the challenges facing the nation today are not just about fluctuating oil prices but are also rooted in the failure to build on past reforms and sustain positive growth momentum.