WTO DG, Okonjo-Iweala speaks on interventions in Nigeria

The World Trade Organization (WTO) recently launched a $1.2 million program aimed at enhancing the export standards of Nigerian sesame and cowpea products. In a bid to diversify Nigeria's economy away from its heavy reliance on oil, the country is looking towards the agricultural sector for growth and development. Nigeria, already known as one of the world's largest producers of top-quality sesame seeds and cowpeas, faces challenges in meeting international sanitary and phytosanitary standards for its exports. Ngozi Okonjo-Iweala, the Director-General of the WTO, highlighted the importance of this initiative during a recent interview. She emphasized that many Nigerian exports were being rejected due to failing to meet the required standards in countries like the UK, Japan, and the EU. The Nigerian Ministry of Trade and Industry sought assistance from the WTO to address this issue, leading to the launch of the program. While the WTO is not a financing agency, it aims to support countries by providing small grants to enhance their capacities in meeting quality standards and accessing international markets. Dr. Okonjo-Iweala stressed the impact of such interventions, citing previous successes in helping Nigerian shea butter producers improve their products. By investing modest amounts of money in building the capacity of producers and entrepreneurs, the WTO has enabled countries to enhance their exports significantly. The positive outcomes have not only benefited the producers but have also contributed to boosting the overall economy by opening up new market opportunities. Furthermore, beyond agricultural products, Nigeria has also sought assistance in the digital space. Teaming up with the World Bank, the WTO is working on enhancing digital infrastructure in nine African countries, including Nigeria. The digital trade sector is rapidly growing, with digitally delivered services like streaming content and professional services witnessing significant expansion. By partnering with the World Bank, the WTO aims to support African countries in harnessing the potential of digital trade, particularly benefiting youth and women entrepreneurs. Dr. Okonjo-Iweala emphasized the importance of this collaboration, noting that improving digital infrastructure would not only empower digital traders but also provide them with access to essential services like market intelligence and financial support. By working closely with the Nigerian government, specifically the Ministry of Industry, Trade, and Investment, as well as the Ministry of Digital Economy, the WTO aims to drive digital transformation in the country, thereby fostering economic growth and inclusivity.