Nigeria must step up action on economy to deliver trade–Okonjo-Iweala

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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.

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