The World Trade Organisation in Geneva is reviewing Nigeria’s trade and economic policies as part of its sixth trade policy review, which is set for November 13th and 15th, 2024.
Every seven years, member nations’ trade policies are evaluated to guarantee transparency, WTO compliance, and consistency with economic development goals.
To ensure fairness, Chair of the WTO General Council, Ambassador Peter Olberg, is supervising the review, which is normally chaired by the nation going through the procedure.
At the review, Nigeria would be represented by a delegation headed by the Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, Ambassador Nura Abba Rimi.
The team is backed by representatives from several ministries and agencies, including Finance, Petroleum, and Customs; Director General of the Nigeria Office for Trade Negotiations, Ambassador Y. F. Agah, and Nigeria’s Permanent Representative to the WTO, Ambassador Dr. Adamu Mohammed Abdulhamid.
Ambassador Rimi in his opening remarks emphasised Nigeria’s commitment to utilising international commerce and the WTO’s platform to drive economic transformation, industrialisation, and diversification.
“To maximise our gains from the global trading system, Nigeria is implementing reforms to boost economic growth,” Rimi stated, saying that these efforts are intended to attract long-term investments, increase production capacity, generate jobs, and alleviate poverty.
The country’s Agenda 2050 serves as a guiding framework, establishing a pathway for sustainable development through structured medium-term plans and annual budgets.
Rimi pointed to the recent reforms enacted under President Bola Ahmed Tinubu’s “Renewed Hope Agenda,” initiated in 2023.
These reforms include the removal of fuel subsidies and the unification of multiple foreign exchange windows, which are intended to foster economic stability and growth.
The agenda focuses on food security, poverty eradication, economic growth, job creation, access to capital, security improvements, rule of law, and anti-corruption efforts.
“President Tinubu’s administration hit the ground running with ambitious reforms to reestablish macroeconomic stability and ensure inclusive growth,” Rimi stated, adding that the government is reviewing the National Development Plan (NDP) 2021–2025 to align it with the Renewed Hope Agenda’s priorities.
More than 42 ambassadors from countries including the United States, Canada, Saudi Arabia, Japan, the United Kingdom, and several European Union nations praised Nigeria’s trade and economic policies on the first day of the review, which attracted a large number of participants.
A number of embassies indicated a desire to strengthen trade relations with Nigeria. Nigeria’s economic journey has reached a major turning point with this review of trade policy, and interest and support from across the world are bolstering its efforts to achieve sustainable growth and diversification.
