Okonjo-Iweala Pledges WTO’s Support For Nigeria

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Okonjo-Iweala Pledges WTO's Support For Nigeria

The Direc­tor General of the World Trade Organ­isation (WTO), Dr Ngozi Okon­jo-Iweala has pledged that the organisation would work with Nigeria to help de­liver support directly with its resources in technical assis­tance, capacity building and quality upgrade.

Okonjo-Iweala stated this on Monday during her visit to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, and his ju­nior counterpart, Amb. Mari­am Katagum, at the ministry’s headquarters in Abuja.

She said Nigeria’s share in world trade is 0.33% while its share in Africa’s trade is 19%, noting that it is small frac­tion of what the country can achieve.

She pointed out that Ni­geria must step up action on its economy, stating that trade can be instrumental, if Nige­ria could add more value to its products and improve its infra­structure to deliver on trade.

According to her, “Nigeria is 103 out 167 countries 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 African Continental Free Trade Area (AfCFTA).

“We have difficulty and challenges with our economy, we have to move fast, we have potential to do so much better and trade is a very strong part of that story.”

The Director General of WTO, however, 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.”

“Nigeria is very active in ag­riculture bearing in mind that we have a diversified economy in Nigeria, where agriculture is extremely important even though, we don’t have a diver­sified source of revenue but we have a diversified economy.

“Nigeria is active on all these issues because they are very important for our econo­my and that is the main thing I want to say today and the rea­son why we are here.

“Nigeria’s share in world trade is 0.33% this is a small fraction of what we could do. Our share in Africa trade is 19% which is below our share of the Africa’s GDP.

“This means we must step up our action on the economy we must do better and harder in several ways, the reason we are concerned about that is be­cause of our youth, the majori­ty of our population are young people who are waiting for jobs and we are here for them.”

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