By Hamilton Nwosa(Head, The New Diplomat’s Polling, Research & Data desk)
The World Trade Organisation (WTO), has said it will work to deliver direct technical assistance, training and quality upgrade to unlock bottlenecks plaguing Nigeria.
Dr Ngozi Okonjo-Iweala, Nigeria-born Director-General of WTO stated this on Monday in Abuja during a courtesy visit to Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment and Minister of State, Ambassador Mariam Katagum.
Okonjo-Iweala described WTO as an economic institution which could work with other financial institutions to support investments and technical assistance to mitigate Nigeria’s economic challenges.
She said the WTO working in conjunction with World Bank and International Monetary Fund (IMF), could deliver a lot for Nigeria.
Okonjo-Iweala also noted that Nigeria’s share in world trade was 0.33 per cent, a pitiably small fraction of what Nigeria could do.
“Our share in Africa’s trade is 19 per cent, which is below our share of Africa’s Gross Domestic Product (GDP). This means we can turn it around.
“I like to look at the optimistic side, when I saw this I knew that there was potential for us to do much. And that is the message I want to convey to the country.
“This means that we must step up our action on the economy, we must do better and harder in several ways because of our youth who are waiting for jobs.
“Nigeria needs to focus on adding value on transitioning. We are an oil and gas-based economy; and that has sustained us and still will. But the world is moving away from fossil fuel,” she said.
Okonjo-Iweala noted that trade negotiations on agricultural issues were very important for Nigeria, adding that the country was active in agriculture and also in the Joint Statement Initiatives and ongoing pro -lateral negotiations.
According to her, Nigeria is equally involved in E-commerce services domestic regulations, investment facilitation, micro, small and medium enterprises and women in trade.
Okonjo-Iweala, while stating that Nigeria was rated 103 out of 167 countries in logistics, advised that it was an area Nigeria could invest in to improve its logistics adding that the country can also take advantage of trade within the Africa Continental Free Trade Area (AfCFTA).
Okonjo-Iweala explained that supporting and finishing the fishery subsidy negotiations was important for the sustainability of the world’s oceans.
On COVID-19, Okonjo-Iweala said the WTO must contribute more to the solutions of vaccine therapeutics and diagnostics, especially to the poor countries.
On its dispute settlement system that was paralysed, she said it had to discuss with all members, including the U.S. on how to make it work again.
She said this was because the organisation could not continue to make rules if the dispute settlement system did not work.
“Our vision for the WTO is to face these challenges. I hope that Nigeria will take a very active supportive role in helping me to deliver on some of the messages,” she added.
Earlier, Adebayo intimated Okonjo-Iweala with some of the ministry’s expectations regarding its engagement in ongoing negotiations as it prepared for the WTO Ministerial Conference, scheduled to hold in Geneva in December 2021.
On the ongoing agriculture negotiations, Adebayo said Nigeria was expecting balanced and equitable outcomes that would address the structural causes of insecurity in Net Food Importing Developing Countries (NFIDCs) and Least Developed Countries (LDCs).
On the fisheries subsidies negotiations, the minister noted that the ministry looked forward to outcomes that would result in reduction of over-fishing and unsustainable development of the fishing sector of developing countries.
“I also wish to draw your attention to our capacity difficulties which continue to undermine our effective participation in the multilateral trading system.
“While we acknowledge with thanks the capacity-building efforts of WTO around training officers on international trade governance, the need for more targeted technical assistance from the WTO cannot be overemphasised,” he said.
Similarly, Katagum urged the D-G 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.
Okonjo-Iweala, who assumed duty on March 1, is in Nigeria to express appreciation to President Muhammadu Buhari over the country’s support for her new appointment and stimulate economic activities.
