By Alison Godswill
Nigeria might not benefit much from the appointment of Dr. Ngozi Okonjo-Iweala as the new Director General of the World Trade Organisation, WTO, because its non-oil exports are largely primary commodities with little or zero value addition.
The Lagos Chamber of Commerce and Industry, LCCI, which disclosed this in a statement obtained by The Daily, www.thedaily-ng.com, noted that “More importantly, Nigeria’s non-oil exports are largely primary commodities with little or zero value addition. Thus, the prospects of tapping international trade opportunities remain dim.
“For Nigeria to fully take advantage of the opportunities offered by the World Trade Organization under the leadership of Dr. Okonjo-Iweala, it is imperative to ensure the following: We need to build capacity for the international competitiveness of our products and services.
“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 the 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 optimize opportunities in the global trade arena and enhance the citizens’ welfare.”
It also added: “It is critical to developing an AfCFTA strategy that would enable the country 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.”
