Chiedu Osakwe, Trade Advisor and Chief Negotiator at the Ministry of Industry, Trade and Investment, has said that the World Trade Organsation trade review will help to strengthen Nigeria’s market confidence, Osakwe made the statement at a news briefing with a delegation from WTO in Abuja on Wednesday.
He said the delegation was in Nigeria for the fifth policy trade review, expected to have three great impacts on the Nigerian economy.
He said the review would increase investor confidence in Nigeria and strengthen market confidence in the Nigerian economy, Osakwe said it would also consolidate and solidify programmes for its economic recovery and growth plan.
According to him, the Federal Government is intensifying efforts to improve the country’s trade relationships in the global market as a way of encouraging economic growth, export trade and foreign earnings.
“There is need for the country to review its structural, monetary and fiscal policies to identify shortcomings and close these gaps for competitiveness in the global market,’’ he said.
Osakwe further explained that the review would encourage smart digital economic growth (soft world developers and e business among others) in Nigeria.
The advisor said it would also tackle the long list of banned products and review high cost of imports into Nigeria while foreigners made profits.
He said the main focus of the present administration was to improve the business environment and deepen market access in the Economic Community of West African State.
Also, Mr Jacques Degbelo, Head, African and Management Trade Policies Review Division, said the review would improve the performance of the Nigerian economy.
Degbelo said the country’s mainstreaming would be taken into consideration during the review.
He said the country’s local market would not be enough to consume all its products and so the need for access to foreign markets.
“For Nigeria to be in a position to diversify, it means the country needs access to foreign markets; so the review will identify certain bottlenecks,’’ he said.
Degbelo said the review would help Nigeria identify its challenges and access its potential.
According to him, the review will help the country to see how the government will restructure its policies for better economy.
Also, . Mena Hassan, Trade Policy Analyst, said the trade review would complement the different policies the government.
Hassan said the country needed the review because the cost of doing business was high.
She said the review would facilitate the smooth functioning of the multilateral trading system by enhancing the transparency of members’ trade policies.
WTO deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. (NAN)
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