Nigeria Must Step Up Action On Economy To Deliver Trade – Okonjo-Iweala
The World Trade Organisation (WTO) has said Nigeria needs to step up action on its economy by adding value to its products and improving on infrastructure to deliver trade.
WTO director-general, Dr. Ngozi Okonjo- Iweala said this during her visit to the minister of industry, trade, and investment, Mr. Adeniyi Adebayo at the ministry’s headquarters yesterday in Abuja.
The WTO DG’s latest comments followed a concern she expressed that the country’s share in World Trade is 0.33 percent, while its share in Africa trade is 19 percent, which described as only a small fraction of what it can achieve.
“Nigeria is 103 out of 167 counties in logistics and that means we have a long way to go and for me, that is a potential area we can invest to improve our logistics so we can take advantage of trade within the Africa Continental Free trade Area,” she said.
However, in unlocking some of the bottlenecks that confront the country, Okonjo–Iweala pledged WTO’s support to Nigeria through technical assistance, training, and quality upgrade.
The WTO DG also said in world trade Nigeria is active in the area of agriculture and joint statement initiatives.
“Trade negotiations on agricultural issues are very important to us and we are very active there, Nigeria is a leader on issues of e-commerce, services domestic regulations, investment facilitation, micro small and medium enterprises, and women in trade,” she noted.
“The WTO is about supporting investment’s and supporting infrastructure in technical assistance, it is not a financial institution but it works with financial institutions. It is one of the economic institutions that was created with the World Bank and the International Monitory Fund, IMF,
these are three powerful institutions that working together can deliver a lot,” she stated.
She also said, “The WTO faces many challenges and also needs its own reforms to deliver results, the organization has not delivered a multilateral round of negotiations in quite a number of years and we have the unique opportunity of delivering the fishery subsidy negotiations.
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| Photo of Njoku Christian C. |
“The dispute settlement system that is paralyzed we have to discuss with all members including the United States on how to make this work again because the rules-based organization cannot continue to make rules if the dispute settlement system does not work.”
Adebayo congratulated Dr. Ngozi Okonjo-Iweala on her appointment as the director-general, WTO, and hinted to the DG on some of the country’s expectations regarding engagements in ongoing negotiations and discussions.
“On the ongoing agriculture negotiation Nigeria expects a balance and equitable outcome that addresses structural causes of food and livelihood insecurity in Net Food Importing Developing Countries NFIDC and Least Developed Countries LDC.
“On the Fishery Subsidy Negotiations, we look forward to outcomes that result in a reduction in overfishing and unsustainable fishing practices with effective differential treatment that allows a sustainable development of developing countries,” Adebayo said.
The minister of state for industry, trade, and investment, Amb Maryam Katagum urged the DG WTO not to forget the commitment to sustain and enhance the ongoing dialogue and action on ‘women in trade’, as a firm believer in the power of trade to lift developing countries, including Nigeria out of poverty.