Nigeria’s share in world trade is 0.33 per cent, this is a small fraction of what we could do. Our share in Africa trade is 19 per cent which is below our share of the Africa’s Gross Domestic Product.

By Ossom Raphael

From L-R: DG, WTO, Dr Ngozi Okonjo-Iweala, Minister Industry, Trade and Investment, Otumba Adeniyi Adebayo and Minister of State for Trade, Amb. Maryam Katagum

Abuja – The Director General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala has said to that Nigeria’s share of global trade currently at 0.33 per cent was very low to boost the country’s economy.

Okonjo-Iweala, further said that even at the continental level, the share of Nigeria’s trade which is 19 per cent is too small compared to what the country can achieve.

The WTO DG, said this during her visit to the Minister of Industry Trade and Investment, Otumba Adeniyi Adebayo at the Ministry in Abuja, Nigeria’s capital.

Okonjo-Iweala, said that the Federal Government must step up action on its economy, stating that trade can be instrumental if Nigeria can add more value to its products and improve its infrastructure to deliver trade.

She said that the WTO would support Nigeria through Technical Assistance, Training and Quality upgrade to boost the share of global trade from the low figure of 0.33 per cent to a much larger scale.

“Nigeria is very active in agriculture bearing in mind that we have a diversified economy in Nigeria, where agriculture is extremely important even though we don’t have a diversified source of revenue but we have a diversified economy.

“Trade negotiations on agricultural issues are very important for us and we are very active there. We are also active in the joint statement initiatives, Nigeria is a leader on issues of e commerce, services domestic regulations, investment facilitation, Micro, Small and Medium Enterprises and women in trade.

“Nigeria is active on all these issues because they are very important for our economy and that is the main thing I want to say today and the reason why we are here.

“Nigeria’s share in world trade is 0.33 per cent, this is a small fraction of what we could do. Our share in Africa trade is 19 per cent which is below our share of the Africa’s Gross Domestic Product.

“This means we must step up our action on the economy we must do better and harder in several ways, the reason we are concerned about that is because of our youth, the majority of our population are young people who are waiting for jobs and we are here for them.

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

“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”, Okonjo-Iweala, said.

Okonjo-Iweala, 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 rule-based organisation cannot continue to make rules if the dispute settlement system does not work”. Dr Okojo-Iweals added.

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 organisation cannot continue to make rules if the dispute settlement system does not work”. Dr Okojo- Iweals added.

The Trade Minister, Otumba Adebayo, who Congratulated Dr Ngozi Okonjo-Iweala on her appointment as the Director general WTO hinted the DG on some of the country’s expectations regarding engagements in on going negotiations and discussions.

According to him, “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”.

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.