The Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala, has allayed fears that embracing the free trade policy of the world body would harm Nigeria’s economic diversification drive.
Fielding questions after a meeting with President Muhammadu Buhari at the presidential villa, Abuja on Monday, she affirmed that special and differential treatment could be applied to prevent vulnerable countries from collapsing under completion.
However, she added that the special treatment would not be forever as such countries would have to eventually open up for competition.
The former Nigerian Minister of Finance and Coordinating Minister for the Economy additionally stated duties might be implemented on imports to prevent the country from being a dumping ground.
Okonjo-Iweala conceded that regardless of lifting tens of millions out of poverty, unfastened trade has no longer been beneficial to all specifically women, pronouncing that during popularity of this, the WTO has a planned coverage to guide ladies.
She stated she had discussions in lots of areas with President Buhari on how the WTO may want to do now not enhance the Nigerian economy.
According to her, there may be a unique opportunity for the u . S . A . To improve its status in trade and upload value to its products especially agriculture.
While noting that Nigeria’s shea butter was denied access to the United States and European markets due to terrible first-rate, she stated the country ought to “trade more, export greater and add price to its merchandise.”
The DG stated that Nigeria ought to out-marketplace others, stressing that there may be a excessive call for for the country’s style in different African nations however it has no longer been capable of leverage on it.
On COVID-19, the former minister suggested the us of a to installation local vaccine production as she referred to that coronavirus could now not be the ultimate pandemic.
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