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Okonjo-Iweala: Nigeria’s share in world trade is 0.33% — it can be better

Okonjo-Iweala: Nigeria’s share in world trade is 0.33% — it can be better
March 15
20:05 2021

Ngozi Okonjo-Iweala, director-general of the World Trade Organisation (WTO), says Nigeria can improve its current 0.33 per cent share in global trade.

She said this on Monday in Abuja during a courtesy visit to Adeniyi Adebayo, minister of industry, trade, and investment.

Okonjo-Iweala further emphasized the need for diversification of the economy to create more jobs for the youth.

“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’s trade is 19 percent, which is below our share of Africa’s gross domestic product (GDP). This means we can turn it around,” NAN quoted her to have said.

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“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.”

On his part, 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).

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On fisheries subsidies negotiations, he said the ministry looked forward to outcomes that would result in reduction of overfishing 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,” he said.

“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.”

In her remarks, Mariam Katagum, minister of state for industry, trade and investment, urged the WTO DG to remain committed to sustaining and enhancing 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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