Business
WTO DG: What Nigeria stands to gain if Okonjo-Iweala emerges
With the race for the World Trade Organization (WTO) DG down to the final stage, the Federal Government expressed optimism that its candidate in the election, former Minister of Finance, Dr. Ngozi Okonjo-Iweala, who is one of the two shortlisted possible occupants, would emerge victorious.
Okonjo-Iweala is being challenged by her South Korean counterpart Yoo Myung-hee, whose major weakness is not having played at a global scale like the Nigeria-American, who is a former Managing Director of the World Bank.
Although the South Korean is younger by 13 years, her lack of international experience places her next to Nigeria’s first woman Minister of Finance.
International Communication and Development expert, Dr. Arthur-Martins Aginam, said as the DG of WTO, Okonjo-Iweala’s term would quicken the space of Nigeria’s development and balance of trade.
Aginam, who lectures at the Faculty of Management and Social Sciences, Baze University, Abuja, expressed the belief that coming at a time Nigeria is talking seriously about economic diversification, her election as WTO DG would offer support and traction.
Also, the WTO opportunity would greatly enhance the strategic road map of FMITI as outlined by Nigeria’s Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, particularly in the areas of trade promotion and facilitation.
Should the former Finance Minister clinch the WTO top job, therefore, it would help to spur the expected expansion of market access for Nigerian exporters and growth, thereby boosting job creation and supporting industrialisation.
As such, on account of the fact that the FMITI has completed the review of all existing international investment agreements and commenced implementation of country-specific recommendations, a Nigerian WTO DG would be a boon to such initiatives.
While explaining the rationale for Nigeria’s sponsorship of Dr. Okonjo-Iweala for the WTO DG, Otunba Adebayo, said: “We are rallying the support of other African countries as well as other WTO members to ensure her emergence. If our candidate succeeds, it will be the first time in the history of the multilateral trading system that an African occupies the position of Director-General.”
Coincidentally, the Federal Ministry of Industry, Trade and Investment (FMITI), which he heads could be the greatest beneficiary, particularly in the area of bilateral engagements with strategic trading and investment partners, to address challenges and hindrances to trade and investment.
Some of these engagements, according to FMITI include, “the UK-Africa Investment Summit, the Nigeria-India Bi-National Commission, US-Nigeria Bi-National Commission, the Nigeria-Thailand Business Forum and the UK-Nigeria Economic Development Forum.”
Interestingly, Nigeria has been engaging other Economic Community of West African States (ECOWAS) members with a view to resolving a number of concerns raised on the ECOWAS Common External Tariff (CET).
It is expected that the outcome of the renegotiation would improve Nigeria’s trade performance in ECOWAS, implementation of the National Single Window to ensure transparency and efficiency in port operations as well as the implementation of an Appropriate Gas Pricing Framework for the Manufacturing Sector.