LCCI DG speaks on steps to ensure Nigeria benefit from Okonjo-Iweala-led WTO

 LCCI DG speaks on steps to ensure Nigeria benefit from Okonjo-Iweala-led WTO

By Modupe Shodeinde

The Lagos Chamber of Commerce and Industry has spoken on the steps Nigeria needs to take to access opportunities made available by the World Trade Organisation under the leadership of Dr Ngozi Okonjo-Iweala.

The LCCI Director-General, Muda Yusuf, in a statement on Monday, said, “While 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.”

According to him, these factors would determine the benefits that would accrue to the economy from global trade.

He pointed out the need for Nigeria to build capacity for international competitiveness of its products and services so as to benefit from the WTO.

“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.” he said.

Yusuf said it is critical to develop an African Continental Free Trade Area strategy that would enable the country to leverage trade opportunities both continentally and globally.

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He also noted the importance of an improvement in the coronavirus pandemic management strategy, ranging from ensuring compliance to safety protocols to vaccine procurement and distribution.

According to him, Okonjo-Iweala’s emergence came at a time when the global trading system was faced with numerous challenges, including supply chain disruptions precipitated by the coronavirus pandemic, rising protectionism and unilateralism, growing economic nationalism, and imposition of trade restrictions covering substantial amount of international trade, among others.

“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

He stated the necessity for African economies to build capacity within the continent in order to take advantage of the opportunities in global trade.

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