Nigeria to set new trade policy amid Okonjo-Iweala reign as WTO DG

The Nigerian government is in the process of setting a new trade policy that would decide the country’s trade relations with African countries and global economies, as the Federal Government plans to take advantage of Ngozi Okonjo-Iweala’s emergence as Director-General of World Trade Organisation (WTO).

It was gathered that Nigeria’s current trade policy used in the business community is about to expire, hence, the need for a new trade policy to shore up the country’s position in global trade.

According to Nigeria’s Minister of Industry, Trade and Investment, AdeniyI Adebayo, his ministry is drafting a new policy that should be concluded months from now when the Federal Executive Council (FEC) give their approval.

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“The trade policy Nigeria has been operating is about to expire, and we are in the process of putting in place a new trade policy, which is being worked on at the moment.

“We are hopeful within the next few months, we would be able to take it to the Federal Executive Council (FEC) for approval. And that’s what we would be working on for the next few years.” Adebayo said during Arise TV interview on Monday.

He said the trade policy is vital as Nigeria had outgrown the African market and plans to play on global stage with Okonjo-Iweala as WTO Director-General. Okonjo-Iweala had been confirmed as WTO DG on Monday, following a long breakdown in the selection process.

“Now that we have one of us as the DG of the World Trade Organisation (WTO), Nigeria’s ambition is to play on the world stage. We are outgrowing Africa – we want to play with the biggest in the world.” Adebayo said.

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