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 per cent , while its share
in Africa trade is 19 per cent , which described as only a small
fraction of what it can achieve.
“Nigeria is 103 out 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 confronts 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
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 organisation 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.
“The dispute settlement system that is paralysed we have to discuss
with all members including the United States on how to make this work
again, because the rules based organisation 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 the DG on some of the country’s
expectations regarding engagements in on going negotiations and
discussions.
“On the on going agriculture negotiation Nigeria expects 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 reduction in over fishing 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 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.