World Bank urges developing nations to focus on global standards
International standards are increasingly shaping trade and economic growth, according to a new World Bank report released on June 5, 2025. The report warns that many developing countries, including Nigeria, risk being left behind if they do not actively participate in setting these standards. Bola Tinubu and other leaders are encouraged to make standards a core part of their development strategies. The World Bank highlights the need for global cooperation and inclusion in standard-setting bodies.
What we know
- The World Bank’s 2025 World Development Report emphasizes the growing impact of international standards on global trade and innovation.
- Over half of the 20,000 ISO standards have been created since 2000, with more than 7,000 new standards issued in 2024 alone.
- Developing nations, including Nigeria, are underrepresented in international standard-setting committees.
- The report proposes a three-step framework: adapt, align, and author standards to boost competitiveness.
- Bola Tinubu and other leaders are urged to prioritize participation in global standardization for sustainable growth.
