FG seeks balanced trade negotiations under AfCFTA

The federal government says it’s seeking a balanced trade negotiation under the Africa Continental Free Trade Area Agreement (AfCFTA)

Minister of Trade and Investment, Otunba Niyi Adebayo made this known while hosting the Director-General of the World Trade Organization, Dr Ngozi Okonjo Iweala in his office in Abuja.

He said: “Nigeria’s expectation in ongoing negotiations as they preparing for the forthcoming 12th Ministerial conference of the WTO in Geneva scheduled for December this year.

“On agricultural negotiations, Nigeria expects balanced and equitable outcomes that address structural causes of food and livelihood insecurity in net food-importing developing countries and least developed countries.

“In the aspect of fisheries subsidy neoglaciations, Nigeria looks forward to an outcome that would result in the reduction in overfishing and unsustainable fishing practices and differential treatments that allow for sustainable development of the agricultural sector of developing countries.

“Under the joint statement initiative, Nigeria looks forward to outcomes that would take into account the country’s developmental priorities to support Nigeria’s efforts towards diversification, modernization of our economy and sustained growth,” he said.

Speaking further, the minister acknowledged WTO’s capacity-building efforts around the training of trading officers on trading governance, he said there was a need for more targeted technical assistance from the WTO, adding the Ministry would be writing to the DG to give specific details of areas the country would require assistance.

In her response, Dr Iweala said that the World Trade Organization has the mandate to facilitate and boost global trade among countries, and will continue working to ensure a level playing group for everyone.

On the outcome of the meeting, She said “We had a very fruitful meeting with the two Ministers of trade and investment and they have listed the problems Nigeria have in the area of trade facilitation and export and what we at the WTO can do to support, so it was a business-like meeting.

“Therefore, we want to come in the area of capacity building and adding value to Nigeria’s products, and ensure the country exports more of her products and process it’s raw materials independently.

“Also, we discussed the ministerial conference 12 and the minister was insistent that from Nigeria’s perspective, the target is to boost agric production and subsequently exports which will later be followed with fisheries,”

Speaking further, the minister said her emergence as the WTO DG is a plus to Nigeria as it was a tight competition which Nigeria eventually emerged winner.

She also charged young girls and women to aspire in their different field of endeavours by working hard to achieve their set goals.

Dr Iweala, former Nigeria’s Minister of Finance and coordinating minister of economy assumed office officially as director-general of the World Trade Organization on March 1st 2021.