President Muhammadu Buhari formally nominates the former Nigerian Minister of Finance & Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala as the Director-General of the World Trade Centre (WTO).
The nomination was done via a note from the Nigerian Mission in Addis Ababa, Ethiopia. The President reiterated the fact that he is in favour of the candidacy of the 30-years experienced world-renowned economist and financial expert.
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Dr. Ngozi Okonjo-Iweala, who was a two-time Nigerian Minister is a graduate of Harvard University (BA). She also sits on the Boards of Standard Chartered Bank, Twitter, Global Alliance for Vaccines and Immunization (GAVI), and the African Risk Capacity (ARC).
World Trade Organisation
The World Trade Organisation (WTO) is saddled with the responsibility of providing the framework for negotiating trade agreements and conflict resolution. This regulation is done among member countries that trade in products, services, and intellectual properties.
The Organization has five guiding principles which are entrenched in their trading system:
1.) Non-discriminational
2.) Binding and enforceable commitments
3.) Safety values
4.) Transparency
5.) Reciprocity
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Nigeria’s Interest
The interest of the Nigerian government lies in taking full advantage of its membership of the World Trade Organization (WTO).
As a member of WTO, Nigeria can increase trade volumes through Foreign Direct Investment (FDIs) and support from the multinational trading system. Capacity building, infrastructure development, enhanced foreign exchange earnings, and market access for the countries’ exportable commodities are also part of the perks that come with being a member.
In addition, being a member will help Nigeria make policies and engage in programs that are geared towards the stimulation of sustainable, all-inclusive economic growth. There are so many other benefits that come with being a member of this reputable organisation.
These benefits cannot be harnessed if a credible person is not at the helm of the affairs of the World Trade Organisation. So, we think Dr. Ngozi Okonjo-Iweala’s nomination is nice as her achievements speak for her.
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