Nigeria is undergoing a WTO Trade Policy Review exercise in Geneva, Switzerland.
The review scheduled for 13th & 15th November, 2024 ideally is to be chaired by the Nigerian Ambassador to the WTO, Ambassador Adamu Mohammad Abdulhamid in his capacity as the current Chairperson of the WTO Trade Policy Review Body is now to be chaired by Ambassador Peter Olberg, Chairman of the WTO General Council chaired the review meetings.
A statement by the Federal Ministry of Industry, Trade and Investment indicates it is for the sake of transparency and credibility of the final report of the review.
The team from Nigeria is being led by Ambassador Nuru Abba Rimi, Permanent Secretary, Federal Ministry of Industry, Trade and Investment. He is being supported at the review by Ambassador (Dr) Adamu Mohammed Abdulhamid, Nigeria’s Ambassador/Permanent Representative to the World Trade Organization (WTO). Also part of the team at the review among others include Ambassador Y. F Agah, DG, Nigeria Office for Trade Negotiations and the representatives of various MDAs. The goal of the review being done every Seven(7) years, is to ensure transparency of its trade and other economic policies and practices. It is to ensure compliance to its obligations in the Multilateral obligations.
Ambassador Nuru Abba Rimi in his opening statement informed WTO members that Nigeria strongly believes that international trade and the WTO constitute veritable platforms for the realisation of its overarching development objectives of structural transformation, industrialisation and economic diversification. “To optimize our gains from the global trading system, Nigeria is undertaking reforms to boost economic growth. The Government of Nigeria aimed at implementing core reforms that would improve institutional and regulatory frameworks, enhance the business environment and promote competitiveness, as well as attract sustainable investments, increase productive capacity and generate employment and alleviate poverty,” said Rimi.
Nigeria’s Agenda 2050 provides a framework for the implementation of series of appropriate medium-term plans, and annual budgets for inclusive and sustainable development.
Government of President Bola Ahmed Tinubu since inception in 2013 hit the ground running with ambitious reforms to reestablish macroeconomic stability and ensure inclusive growth under the Renewed Hope Agenda by removing the fuel price subsidies and unifying official foreign exchange windows into a single rate. “The Renewed Hope Agenda is centred on food security; ending poverty; economic growth and job creation; access to capital; improving security; improving the playing field on which people and particularly companies operate; rule of law; and fighting corruption. Currently, the Government is reviewing the NDP 2021–2025 to align it with the administration’s Renewed Hope Agenda”.
The participation at the Day 1 of the meeting was massively attended by various Ambassadors of WTO members. Over 42 Ambassadors took the floor to commend Nigeria for its trade and economic policies. They also expressed more interest to enhance trade cooperation with Nigeria.
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