The World Trade Organisation (WTO) has advised Nigeria to develop its non-oil sector through the provision of subsidy for its agricultural sector.
The Director General of the WTO, Mr Roberto Azevedo, made the request on Monday at a meeting with members of the private sector in Abuja, Nigeria’s capital
Nigeria’s current economic mainstay is crude oil sales, with over 70 per cent of revenue coming from that sector.
Vision Of Trade Facilitation
Mr Azevedo said the initiative would boost the nation’s non-oil sector and provide a means of livelihood for the poor.
The WTO boss promised to support Nigeria to ensure that the government’s vision of trade facilitation was achieved.
Mr Azevedo also gave areas that should be of top priority by the country.
He said: “Around the world governments are struggling with a gloomy economic outlook and a range of challenges to delivering a return to strong growth. Nigeria is no exception.
“Indeed, the country faces a range of formidable challenges — such as security and governance issues — which have been compounded by the steep decline in oil prices, due largely to global over-supply. This is acting as a brake on economic growth in Nigeria. And there are few signs that the decline in commodity prices will be reversed in the near future”.
The WTO boss also stressed the need to diversify Nigeria’s economy to reduce dependence on the oil sector, which he said was a clear priority.
“Improving the conditions for trade and investment will be an essential part of the policy mix.
“By reducing barriers to trade and lowering the costs of doing business across borders we can help to attract investment, and provide access to new markets for Nigeria’s budding business community.
“And it is clear that there is huge potential here.
“Nigeria has well-developed financial, legal, and communications sectors and the second largest stock market in Africa.
“The manufacturing and services sectors have grown significantly in recent years, helping to rebalance the economy.
“Innovative start-ups are emerging rapidly — covering everything from fashion to software development.
“And, of course, Nigeria is also a real cultural force — with famous exports like Fela Kuti, Ben Okri or Nollywood — which is a whole industry itself.
“This creative force needs to be supported by an enabling business environment — which helps you to get out there and compete.
“And under Nigeria’s new leadership, I think the country can look to the future with a renewed sense of optimism,” Mr Azevedo stressed in his speech.
Business Friendly Environment
]Other issues that came up at the meeting were how the W.T.O. could help Nigeria in trade facilitation and the domestication of some of its policies for improved socio-economic development.
Giving the global economic realities and the slump in the prices of crude oil, the Director General of the World Trade Organisation believes it is the right time to harness the potentials of agriculture and international trade for economic prosperity.
The Minister for Industry Trade and Investment, Dr Okechukkwu Enelamah, assured investors of a business friendly environment.
The meeting was interactive, as members of the private sector tabled issues affecting them.
It is expected that the advice given at the meeting would assist the government in its efforts to develop the country.
