WTO to support Nigeria through Technical Assistance, Training & Quality Upgrade

The Director General, World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, says Nigeria’s share in World Trade is 0.33%, while its share in Africa trade is 19%, noting that it is a small fraction of what the country can achieve.

 

Dr Okonjo- Iweala said this during her visit to the Minister of Industry Trade and Investment, Mr Adeniyi Adebayo at the Ministry in Abuja, Nigeria’s capital.

 

“The country must step up action on its economy as trade can be instrumental, if Nigeria can add more value to its products and improve its infrastructure to deliver trade.

 

“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 Africa Continental Free Trade Area”.

 

“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, however, said in world trade, Nigeria is active in the areas 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.

 

Dr Okonjo-Iweala, said that the WTO will work with Nigeria to help deliver support directly with its resources in technical assistance, training and quality upgrade, but also with other institutions in unlocking some of the bottlenecks that confront the country.

 

“The WTO is about supporting investments 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 Monetary Fund, IMF; these are three powerful institutions that, working together, can deliver a lot,” Okonjo said.

 

The WTO Boss expressed hope that Nigeria will take a very active supportive role in helping her deliver on some of the mandates.

 

“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.

 

“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,” Dr Okojo-Iweala added.

 

The Minister congratulated Dr Ngozi Okonjo-Iweala on her appointment as the Director-General, WTO, while hinting on some of the country’s expectations regarding engagements in ongoing negotiations and discussions.

 

“On the ongoing 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 overfishing and unsustainable fishing practices with effective differential treatment that allows a sustainable development of  developing countries,” Mr 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.

 

 

Amaka E. Nliam