Quick Updates 8

September 15

Last week I had the honour of joining the Honourable Minister, FMITI, Dr Doris Uzoka-Anite, her Excellency, the Director General of WTO, Dr Ngozi Okonjo-Iweala and other distinguished guests from the world of trade and investment at the high-level plenary of this year’s Public Forum organized by World Trade Organization in Geneva.

The Forum is the WTO's annual flagship event which brings together global thought leaders drawn from government, business, academia, the media & civil society. This year’s event considered Re-globalisation: Better Trade for a Better World.

On Sept. 11, I joined the panel discussions on “Leveraging Digital Trade for Africa’s Growth & Development.” In my comments I spoke about digital trade as the confluence not just of buying & selling but the transmission of data & information to facilitate trade across borders.

While harping on the opportunities inherent in digital trade for businesses, I called attention to the fact that while a lot still needs to be done, there has been enormous growth of digital connectivity in Africa with internet use in Africa now at 40% compared to 0.1% in 2005.

These opportunities include; boosting economic growth, enhancing job creation, increasing productivity & innovation, providing access to global markets, building resilience to shocks while promoting financial inclusion & regional integration through initiatives like @AfCFTA

In terms of what needs to be done, I highlighted challenges like Internet Connectivity in rural areas, low digital literacy which affects adoption & growth, cyber security & data protection issues which impact trust as well as last mile logistics & delivery constraints

On Sept. 12, I joined the high-level panel on "Market Access or Domestic Policies: What is More Critical to Unlock New Trade Opportunities?” I spoke about barriers to global trade as it affects Nigerian non-oil exporters while highlighting means of unlocking opportunities too.

I called attention to factors that hinder market access. These include tariffs and non-tariff barriers, customs barriers, standards and qualities, complex domestic policies as well as sanitary and phytosanitary measures

In breaking the barriers to seamless trade, I emphasized the place of services and digital trade as game changers. Digital, I emphasized is the future. I also harped on the primacy of MSMEs as well as female and youth entrepreneurs as we design domestic trade policies.

In speaking to efforts by Nigeria to deal with geopolitical shocks & headwinds like COVID-19, I noted that challenges often compel us to be innovative. I spoke about PEBEC which is focused on removing bureaucratic bottlenecks and facilitating the ease of doing business.

I also shared about efforts at capacity building for MSMEs through the MSME Clinics which is being championed by His Excellency, the Vice President, Senator Kashim Shettima which has led to the setting up of fashion and tech hubs amongst others to galvanise female as well as youth entrepreneurs

In concluding, I spoke about trade facilitation championed by the Honourable Minister, Dr Doris Uzoka-Anite, which has seen the designation of Lilypond Terminal as a non-oil export terminal. I also highlighted the collaboration with WTO in enhancing cowpea & sesame production & trade under STDF 845.

Overall, it was a pleasurable learning experience to join Dr Ngozi Okonjo Iweala, DG @WTO & many other global thought leaders in sharing insights & ideas on ways of achieving seamless global trade that will help Nigeria achieve its diversification agenda.

Have a good week! #DoubleYourExport