The Director-General, World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has urged Nigeria to build stronger trade relations in the West African region with particular focus on establishing fishery subsidies and local vaccine production.
She also said the WTO is also looking beyond accelerating inflation rates to improving trade ties in Nigeria, and the continent, while leveraging the opportunities offered by the African Continental Free Trade Agreement (AfCFTA).
These were parts of the discussion Okonjo-Iweala, currently on her second visit to Nigeria since her appointment, had yesterday during a courtesy visit to the Minister of State for Industry, Trade and Investment, Mrs. Maryam Katagum, in Abuja.
According to the WTO boss, fishery subsidy is key to Nigeria’s economic development, adding that to ensure improved output, there is a revised draft agreement for new global rules to curb harmful fishing subsidies and curtail post-harvest losses.
She said the global trade body has taken proactive measures to address all restrictions on the food supply chain among member countries.
To ensure improved output, there is a revised draft agreement for new global rules to curb harmful fishing subsidies and curtail post-harvest losses.
Okonjo-Iweala’s visit comes barely a month after the WTO’s Council of Ministers meeting, which was held in Geneva between June 12 to 17, with a major focus on improving trade, health, food security, and economic reforms which aim at building economic resilience globally.
On vaccine production, Okonjo-Iweala said the global organisation called for more support from local manufacturers to guard against import of vaccines and other pharmaceutical products into the country.
Responding, Katagum promised to escalate the agreement reached at the Council of Ministers’ meeting with President Muhammadu Buhari.
Other agreements reached at the meeting include checking unregulated fishing practices in Nigerian waters, development of fishery development programs, and establishment of technical services in fisheries data collection.
