How Nigeria can profit from Okonjo-Iweala-led WTO – LCCI

The Lagos Chamber of Commerce and Industry has highlighted steps Nigeria needs to take to profit from Dr. Ngozi Okonjo-Iweala.

Okonjo-Iweala is the Director-General of the World Trade Organization. She is the first woman and the first African to have the job.

The LCCI, in a statement on Monday, rejoiced with Nigeria on the appointment of Okonjo-Iweala.

The Director-General, LCCI, Dr. Muda Yusuf, stated, “The emergence of Dr. Okonjo-Iweala as the new WTO Director-General is very gratifying and calls for celebration.

“There is a need to manage expectations around the outcomes for the Nigerian economy, given the numerous productivity and competitiveness issues the country is grappling with.

“Ultimately, these are the factors that would determine the benefits that would accrue to the economy from global trade.”

Furthermore, Yusuf disclosed that Nigeria needs to build capacity for global competitiveness of its products and services so as to benefit from the WTO.

He stated, “Also imperative is the need to address trade facilitation issues, especially around port processes, ports infrastructures, international trade documentation, foreign exchange policies, trade policies and industrial policies.

“We need to promote local value addition and backward integration to strengthen competitiveness of our domestic industries.

“We must undertake reforms of our tariff policy in accordance with the principles of comparative advantage, which would enable the country to optimise opportunities in the global trade arena and enhance the citizens’ welfare.”

In addition, he said it is vital to develop an African Continental Free Trade Area strategy that would allow the nation to leverage trade opportunities both continentally and globally.

“There is a need to improve on our strategy in managing the coronavirus pandemic ranging from ensuring compliance to safety protocols to vaccine procurement and distribution.

“Africa has peculiar challenges in the global trade arena. The continent is deeply integrated into the global supply chain and this underscores the low participation level of African economies in international trade,” he said.

Finally, he disclosed that it is very appropriate for African economies to build capacity within the continent in order to benefit from the opportunities in global trade.