Africa’s share of global trade has remained stagnant at approximately 3% or less, but there are opportunities for improvement.
This was according to the Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala, in an exclusive interview with Channels Television.
Okonjo-Iweala highlighted Nigeria’s potential to enhance the quality of its agricultural exports, particularly cowpea and sesame, which could generate billions of dollars, significantly boosting the country’s revenue.
The WTO boss emphasised the organisation’s commitment to partnering with Nigeria and Africa to maximise these opportunities.
She said, “Africa’s share of world trade has stagnated at about 3% or less for many years but there are opportunities to improve that including in Nigeria. Let me start with Nigeria, Nigeria does have many opportunities to diversify its economy and its revenue source.
“And we are here at the WTO because there is an opportunity to help the country increase its export of agriculture exports. And the honourable Minister of Industry, Trade and Investment asked for help; how can we improve the quality of agriculture product like cowpeas and sesame where we stand to gain no millions but billions of dollars if we can meet the quality and certification standards by those who demand them from us?”
Okonjo-Iweala said the WTO is able to train Nigerian farmers to triple the nation’s income on these farm produce.