By Adeola Balogun
Copyright theeagleonline
Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has asserted that Nigeria has what it takes to lead Africa’s new era of trade.
This, according to her, will be possible if the country tackles high logistics costs, develops efficient payment systems, and invests in value addition.
Okonjo-Iweala made this known while speaking on the sidelines of the WTO Public Forum in Geneva, Switzerland.
She further noted that Nigeria and other African economies must speed up the implementation of the African Continental Free Trade Area, AfCFTA, and build stronger infrastructure to unlock billions of dollars in opportunities in manufacturing, services, and digital trade.
On how Nigeria can leverage World Trade Organisation (WTO), rules to boost implementation of the African Continental Free Trade Area , AfCFTA, particularly in manufacturing, services, and digital trade, the WTO Director-General said: “The AfCFTA is a great step, but Africa trades only about 15–20 percent within itself — far below the European Union, EU’s 60 percent.
“We (Nigeria) need to speed up implementation so Africans trade more with each other.
“Take Lesotho: it exports around $200 million worth of textiles (jeans, etc.) to the U.S. — about 10 percent of its GDP — while Africa imports $7 billion of similar goods. Why not absorb Lesotho’s products within Africa?
“To unlock intra-African trade, we (Nigeria) need efficient payments systems (Afreximbank and others are working on this), better infrastructure and lower trade costs. It shouldn’t take longer to ship goods from Cape Town to Lagos than from China to Lagos.
“Value addition and diversification so we are not all exporting the same raw materials.
“With critical minerals, energy, and new supply chains, plus opportunities in services and digital trade, there’s huge potential — if we invest in connectivity and implementation.”
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Okonjo-Iweala also cautioned that negative narratives about global commerce risk overshadowing recent successes achieved through multilateral cooperation.
She said: “In the pessimism and doom and gloom, there’s so much else going on in trade that is quite exciting. One of my fears is that we will lose sight of what is good in the midst of dwelling on what is not working.”
Highlighting the WTO’s recent breakthrough, she pointed to the entry into force of the landmark Fisheries Subsidies Agreement, saying “We had the occasion of the fisheries subsidies agreement, which we worked so hard for. This isn’t about now, it’s about future generations. If the organisation can deliver something that will leave a legacy for the young, that excites me.”
The WTO Director General said the pact, which aims to curb overfishing and protect marine resources, demonstrates that multilateral institutions can still deliver global public goods.
According to her, “After eight years of no agreement, it has now gone into force. We can begin implementing and saving the oceans. These are the kinds of things we should not lose sight of while dwelling on other challenges.”
She added that, beyond trade in goods, Africa should look to the growing fields of services, technology, and artificial intelligence.
“There are other things happening in digital and Artificial Intelligence, AI, that we should look at,” Okonjo-Iweala said, pledging that the WTO will continue to support African members in navigating emerging opportunities.
