Shortly after Dr. Ngozi Okonjo-Iweala assumed duty as the Director-General of the World Trade Organization, WTO, on March 1, 2021, the question on the lips of most Nigerians was; how can the country benefit from her leadership of the global organization?
Even in her own words, the Nigerian covertly assured her compatriots of her readiness to deliver appropriately. “I am coming into one of the most important institutions in the world and we have a lot of work to do. I feel ready to go.” Recall that on February 15, 2021, Okonjo-Iweala who had served two Nigerian presidents as finance minister was officially appointed as the Director-General of the WTO , thereby becoming the first woman and the first African to head the 26 – year old organization.
Some informed experts have stated five ways Nigeria can benefit from WTO as Okonjo –Iweala’s tenure lasts. According to the former Permanent Secretary, Federal Ministry of Foreign Affairs, Ambassador Joe Keshi, the only way Nigeria can benefit from her appointment is by being productive. He said, “She will not help you unless you are productive. She will not help you except you have something to sell, because her role as a DG of the World Trade Organization – the World Trade Organization is an organization that regulates global trade and except you have something to sell and put into the world market (she cannot help you). Her role is to ensure that you get a fair deal and that you are not cheated in the whole process.” Keshi informed Premium Times. His analysis pointed out the three areas the country could gain from WTO during Okonjo – Iweala’s leadership. These are production, sales and opportunity (fair deal).
Proffering how she would impact positively to the world’s economy, including Nigeria’s, Okonjo-Iweala, in an interview with Time magazine noted some of the areas she would give priority attention to without delay. She pointed out that global trade could help alleviate the covid-19 pandemic, tackle climate change and restore faith in the system of cooperation that has faltered in recent years.
In simple terms, the WTO boss has pledged to work harmoniously with the other concerned world agencies in order to ease the effects of coronavirus. Two, she indicated interest in the war climatic change and thirdly, restore global faith in WTO system. The meaning here, according to Okonjo –Iweala, is that Nigeria and the entire world could benefit tremendously though her activities at WTO.
Following her appointment, the new WTO Director-General said she has been receiving a lot of congratulatory messages, amid a lot of excitement from both local and international groups and individuals with a lot of expectations.
In addition, following the take-off of the African Continental Free Trade Agreement (AfCFTA), Keshi, again, enthused “I need to make this point which I have made to a few who when we discuss, a few that I answered their questions asked how would Okonjo- Iweala could help Nigeria. And I said no she will not help you. Where you are not trading, where you have nothing to trade, where you are not doing anything whether its e-commerce or the other side of it, the most important thing is that if we want to benefit from her being the WTO director-general, we need to up our game in terms of being productive.
When we become productive and we have a lot to do, to sell and I think that is how her role will certainly benefit not just women but also you know all those engaged in global trade. There are so many things, unbelievable so many things that we can do in this country. There is nothing we cannot sell if only we get down and start being productive, you know the bulk of the problem we have, the lack of opportunities in this country is the fact that we are simply not productive, we are a consuming nation for goodness sake and until we change the pattern.”
In a published report, the Director-General, LCCI Dr. Muda Yusuf made it clear that as good as the emergence of Okonjo-Iweala is, for Nigeria to really to benefit from her high ranking position of the WTO, “We need to build capacity for the international competitiveness of our products and services. Also imperative is the need to address trade facilitation issues, especially around port processes, ports infrastructures, international trade documentation, foreign exchange policies, trade policies and industrial policies.
We need to promote local value addition and backward integration to strengthen the competitiveness of our domestic industries”. He added, “We must undertake reforms of our tariff policy in accordance with the principles of comparative advantage, which would enable the country to optimize opportunities in the global trade arena and enhance the citizens’ welfare. It is critical to develop an AfCFTA strategy that would enable the country leverage trade opportunities both continentally and globally. There is need to improve on our strategy in managing the coronavirus pandemic ranging from ensuring compliance to safety protocols to vaccine procurement and distribution”.
As an account recalled; “she spearheaded negotiations with the Paris Club that led to the wiping out of US$30 billion of Nigeria’s debt, including the outright cancellation of US$18 billion. In 2003, she led efforts to improve Nigeria’s macroeconomic management including the implementation of an oil-price based fiscal rule. Revenues accruing above a reference benchmark oil price were saved in a special account called “The Excess Crude Account,” which helped to reduce macroeconomic volatility”.
The report added; “she also introduced the practice of publishing each state’s monthly financial allocation from the Federal Government of Nigeria in the newspapers. This action went a long way in increasing transparency in governance. With the support of the World Bank and the IMF to the Federal Government, she helped build an electronic financial management platform—the Government Integrated Financial Management and Information System (GIFMIS), including the Treasury Single Account (TSA) and the Integrated Payroll and Personnel Information System (IPPIS), helping to curtail corruption in the process. As at 31 December 2014, the IPPIS platform had eliminated 62,893 ghost workers from the system and saved the government about $1.25 billion in the process”.
