By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: Nigeria Has Only 0.33% Share In Global Trade, WTO DG Decries
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > Nigeria Has Only 0.33% Share In Global Trade, WTO DG Decries
News

Nigeria Has Only 0.33% Share In Global Trade, WTO DG Decries

Fesadeb
Last updated: 2021/03/15 at 7:16 PM
Fesadeb Published March 15, 2021
Share
SHARE

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has said that Nigeria’s 0.33 per cent share in world trade is “a very small fraction” of the volume of global trade the country can do.

Speaking during a meeting with the Minister of Industry, Trade and Investment in Abuja on Monday, Dr Okonjo-Iweala said Nigeria’s share in Africa trade is 15 per cent.

“What this means is that we can either look at it negatively and say it is a small portion of what world trade is, or we can turn it around and say it is a glass half full, optimistic side, and say that there is potential for us to do much more.

“That’s the message I want to convey to the country and Mr President,” she said.

The WTO’s boss, who is visiting Nigeria for the first time since assumption of office as the Director-General of the global trade regulatory body, said Nigeria must strive to do better in several ways, including the creation of jobs for the youth.

“Trade can be instrumental if we can add more value to our products and try to improve our infrastructure to deliver trade.

“What I am going to say without going into details is the fact that Nigeria really needs to focus on adding value and repositioning,” she said.

She said Nigeria is an oil and gas-based economy, which has sustained the country for some time, and still, maybe for a couple of decades more, but the world is moving away from fossil fuel.

Okonjo-Iweala said the world is transiting to electric cars and not only because of trade, but it’s existential for Nigeria to begin to think of the future.

“We have good news because in agriculture we have a lot we can do.

“There is an example I am going to be quoting everywhere of how we just help a cooperative of mainly women to process shea butter.

“WTO provided the technical assistance to connect them to markets and to help them improve the quality of their products.

“What happened was that they were able to produce 200 metric tons of shea butter, with an order for another 500 metric tons,” she illustrated.

She said Nigeria is 103 out of 167 counties in logistics and that’s a potential area in which Nigeria can invest to take advantage of trade within the African Continental Free Trade Area (AfCFTA) as 19% of Africa’s trade is from Nigeria.

“What does that say? We can do so much more. So, I am here to say, we have difficulties and challenges with our economy, we have to move fast.

“But we have the potential to do so much better. And trade is a very strong part of that story, and the WTO can work with Nigeria to help deliver support directly with their own resources in technical assistance, training and quality of products,” she said.

The Trade Minister,  Otunba Niyi Adebayo, told the visiting WTO’s boss of Nigeria’s expectation in ongoing negotiations as they prepare for the forthcoming 12th Ministerial conference of the WTO in Geneva scheduled for December this year.

On agricultural negotiations, he said Nigeria expects balanced and equitable outcomes that address structural causes of food and livelihood insecurity in net food-importing developing countries and least developed countries.

Under the joint statement initiative, the Minister said “Nigeria looks forward to outcomes that would take into account the country’s developmental priorities to support Nigeria’s efforts towards diversification, modernization of our economy and sustained growth.”

While acknowledging the WTO’s capacity-building efforts around the training of trading officers and on trading governance, he said there was a need for more targeted technical assistance from the WTO.

The Minister said the Trade Ministry would be writing to the DG to give specific details of areas the country would require assistance.

You Might Also Like

Oyebanji Seeks NADDC Partnership to Boost Automotive Investment in Ekiti

Lagos to Offer Free Mediation for 1,000 Disputes During Settlement Week

Dangote Refinery to End Crude Oil Imports by December 2025

Anambra Rep Ogene Empowers 250 Constituents with Solar, ICT, and Skills Training

Ogun Government Empowers Artisans with Soft Loans to Boost Grassroots Economy

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

TAGGED: nigeria
Fesadeb March 15, 2021 March 15, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?