What Nigeria Must do Trade More Internationally—WTO DG

Image

By Modupe Gbadeyanka

When it comes to global trade, Nigeria is not a force to reckon with as several products from the country are not recognised in the international market.

This has been a source of worry for the government, which is making efforts to change the tide and ensure Nigeria earns foreign exchange from other sources apart from the sale of crude oil.

Recently, a former Minister of Finance, Mrs Ngozi Okonjo-Iweala, was appointed as the director-general of the World Trade Organisation (WTO). She became the first female and African to occupy the position.

Over the weekend, she arrived in Nigeria for a one-week visit and on Monday, she visited President Muhammadu Buhari to thank him and the country for the support given to her when she was vying for the post.

During the visit, Mrs Okonjo-Iweala, who assumed office on March 1, 2021, advised the nation to always add value to its products in order to trade more, promising that the “WTO will do more to help Nigeria.”

She said the country showed her immense support and she is willing to reciprocate.

“You nominated me, you wrote hundreds of letters, called up hundreds of world leaders. Without your personal and direct intervention, it may not have worked.

“The people of Nigeria also supported me massively. The youths were wonderful, always encouraging, backing me up on social media.

“Mr President, the world recognises what you have done. Since its establishment, only men have led the WTO. Now, a woman has emerged for the first time, and she’s a Nigerian. We are so honoured,” the WTO DG said.

In his remarks, President Buhari congratulated the former Managing Director of the World Bank, saying she earned the position because of her performance and track records.

“You also earned it. We are happy you made it, but you earned it with your record of performance both at home and abroad,” Mr Buhari said.

The President said Dr Okonjo-Iweala was putting Nigeria more on the world map, “and I congratulate you, as well as the country. I know you will represent us so well.”

Share
Related Stories
Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
23-February-2024

Naira Falls at NAFEX, Parallel Market as Govt Battles Speculators

By Adedapo Adesanya Despite the unconventional approaches to ease the free fall of the Naira, its value weakened against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, February 22 by 1.9 per cent or N28.73 to close at N1,571.31/$1 compared with the N1,542.58/$1 it was transacted in the midweek session. The domestic currency suffered the loss despite the supply of foreign exchange (FX) improving by 11.7 per cent or $20.11 million to $192.25 million from Wednesday’s $172.14 million. However, the local currency appreciated against the Pound Sterling in the official market yesterday by N142.83

Image
23-February-2024

Nigeria Moves to Crash Cooking Gas Price

 By Adedapo Adesanya Nigeria is considering taking a major step aimed at crashing the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, to ease the sufferings of its citizens. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, speaking at the opening of its Internal Stakeholders’ Workshop on Thursday in Abuja, disclosed that the government would most likely ban the exportation of the commodity to keep the price lower than its current level. Currently, prices range between N1,300 per kg to N1,400 per kg. “All LPG produced within the country will have to be domesticated and

More Stories
Image
28-April-2018

Four in Police Custody over Sale of Leaked WASSCE Exam Questions

By Dipo Olowookere Four persons have been arrested in Ondo, Edo and Osun States for selling leaked WASSCE May/June, 2018 Examination questions to candidates writing the examination. The suspects, accused of retailing the exam questions on websites and whatsapps platforms, were apprehended by operatives of Rapid Response Squad (RSS). According to the security operatives who napped them, the suspects are Samuel Kayode, 28-year-old from Ondo State; Adebayo Ifeoluwa, 17-year-old from Osun State; Alayande Ahmed; and Elusode Festus, 20 years from Edo State. They were all arrested in their respective states. Samuel Kayode, a part time teacher in two secondary schools

Image
26-August-2019

BON Awards Holds Reunion Party for Past Winners

By Dipo Olowookere Organisers of the yearly prestigious Best of Nollywood (BON) Awards have announced the debut Alumni Party slated for next month. The event is aimed to gathered past winners of the awards, with wives of Lagos and Oyo State Governors in attendance, including the immediate past Senate President, Mr Bukola Saraki. A news release from the organisers on Monday said this Alumni Party will precisely take place on Sunday, September 29, 2019 at De Podium, Ikeja, Lagos, by 5pm. This is in preparation for the main award ceremony scheduled for the year-end. According to the founder of BON

Image
19-February-2024

Again, Weekly Investment Into Nigerian Stock Market Wanes

By Dipo Olowookere For the second straight week, the Nigerian stock market witnessed a decline in the value of transactions as other asset classes continued to attract more attention from investors. Last week, traders transacted 1.559 billion shares worth N36.497 billion in 42,546 deals versus the 2.478 billion shares worth N47.856 billion traded in 54,982 deals in the preceding week. A breakdown indicated that financial stock dominated the trading on the floor of the Nigerian Exchange (NGX) Limited, selling 1.127 billion units valued at N18.908 billion in 19,424 deals, contributing 72.27 per cent and 51.81 per cent to the total

Image
01-March-2023

NGX, PAPSS Partners for Cross-border Securities Payments

Cross-border securities transactions across African capital markets have received a significant boost as Nigerian Exchange Limited (NGX) and Pan African Payments Settlement System (PAPSS) signed a Memorandum of Understanding (MOU) to integrate cross-border securities payments system in the capital markets. The MoU, signed in a virtual ceremony on Tuesday, February 28, saw attendance from notable individuals, including the President of Afreximbank, Professor Benedict Oramah; the Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda; and Chairman of NGX, Mr Abubakar Mahmoud, among others. The CEO of NGX, Mr Temi Popoola, while giving his remarks, said that integrating PAPSS

Image
20-December-2023

Zenith Bank in World Finance 100 Listing For 2023

By Modupe Gbadeyanka Zenith Bank Plc has been listed in the World Finance 100 2023 released by World Finance Magazine, becoming the only Nigerian company in the prestigious and exclusive listing. The World Finance 100 celebrates companies that have reached the pinnacle of achievement across a wide variety of fields of expertise. Each year World Finance compiles the list of 100 companies, purely based on excellence in their field. The list presents the new business elite, made up of those whose vision and enterprise shape the conceptual landscape of finance, business and technology, underscoring Zenith Bank’s outstanding achievements and resilience

Image
19-April-2021

SERAP Tasks Buhari to Probe Missing N106bn in 149 MDAs

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) in its latest move towards government transparency has urged President Muhammadu Buhari to probe an alleged missing N106 billion public funds from 149 Ministries, Departments and Agencies (MDAs). In a letter dated April 17, 2021, and signed by SERAP Deputy Director, Mr Kolawole Oluwadare, the organisation called on Mr Buhari to “direct the Attorney General of the Federation and Minister of Justice Mr Abubakar Malami, and appropriate anti-corruption agencies to investigate allegations that N106 billion of public funds are missing from 149 MDAs, as documented in the 2018 annual audited

Image
25-September-2023

Nigeria Unveils Initiative to Boost Youth Employment, FX Earnings

By Adedapo Adesanya An initiative to boost youth employment and shore up Nigeria’s foreign exchange (FX) earnings has been introduced by the Nigerian government. The scheme, the National Talent Export Programme (NATEP), was unveiled over the weekend at the Microsoft Office in New York, United States of America by the Minister of Industry, Trade and Investment, Mrs Doris Uzoka-Anite. She said the programme would position Nigeria as an export hub for talent outsourcing in Africa following the example of India, Bangladesh, Mexico and The Philippines. Mrs Uzoka-Anite noted that NATEP is a key national initiative that will serve as a

Image
18-June-2021

Yuguda Vows to Integrate West African Capital Markets

By Dipo Olowookere The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has promised to work towards the integration of the capital markets in West Africa. The SEC chief gave this assurance when he was chosen as the Chairman of the West African Securities Regulators Association (WASRA). Mr Yuguda became the WASRA Chairman on Monday, June 14, 2021, and succeeded Mr Daniel Ogbarmey Tetteh, the DG of SEC Ghana, who occupied the position for over two years. He was handed over the mantle of leadership of the organisation at a virtual ceremony, which had members of the

Ad
Ad
Recent Stories
Image
26-February-2024

Global Finance Names Ecobank Best FX Bank in Nigeria

By Dipo Olowookere Ecobank Nigeria Limited has been named as the Best FX Bank under the Country & Territory Awards category for Nigeria in the 2024 Global Finance’s annual SME Bank Awards. The parent company of the lender, Ecobank Group, on its part, clinched the Best Bank for SMEs in Africa 2024 award, reflecting its unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. At the award ceremony held on Tuesday, February 20, 2024, at the Glaziers Hall in London, the United Kingdom, Global Finance explained that the Nigerian subsidiary of the leading pan-African Banking Group

Image
26-February-2024

GTCO, FBN Holdings, Transcorp Close as Busiest Stocks on NGX

By Dipo Olowookere The trio of Guaranty Trust Holding Company (GTCO) Plc, FBN Holdings Plc, and Transcorp Plc ended as the busiest stocks on the Nigerian Exchange (NGX) Limited last week. They accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total trading volume and value, respectively Data obtained by Business Post showed that the market recorded a turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals versus the 1.559 billion shares valued at N36.497 billion traded in 42,546 deals in the preceding week. Financial equities

Image
26-February-2024

Excitement as Tinubu Commissions Geometric Power Plant

By Aduragbemi Omiyale The city of Aba in Abia State is beaming with excitement as President Bola Tinubu is expected to commission the Geometric power plant today, Monday, February 26, 2024. The facility is the first integrated power plant in Nigeria. It is situated in the Osisioma Industrial area of Aba. It is expected to provide 24-hour electricity to the city and about nine of the 17 local government areas of the state. The 181-megawatt Geometric power plant cost about $800 million and was done by a former Minister of Power, Mr Barth Nnaji. Electricity from the plant will be

Image
25-February-2024

Customs to Adopt Stable FX Rate for Cargo Clearance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for customs duties for cargo clearance after uproar over the constant changes in the rate. The apex bank asked the Nigeria Customs Service (NCS) and other related parties to adopt the closing FX rate on the date of opening Form M for the importation of goods, as the forex rate to be used for Import Duty Assessment,. This was disclosed by Mr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN in a memo on Friday in Abuja. According

Image
25-February-2024

Climate Change: Agric Experts Advocate Smart Farming Practices

By Bon Peters Agriculture experts have advocated “smart farming practices” to combat climate change, improve productivity and enhance food security in the country. They noted that if climate change challenges were not nipped in the bud, more than 52 per cent of the country’s agricultural production would be threatened by 2050. The experts under the aegis of the Society of Action in Nigeria (SCAN), in collaboration with the University of Port Harcourt, disclosed this during a workshop organized for women and youth leaders on Thursday in Port Harcourt the Rivers state capital. A Senior Lecturer in the Department of Agricultural

Image
25-February-2024

VFD Group’s Adeniyi Adenubi Mentors Next Generation of Entrepreneurs

An executive director of VFD Group, Mr Adeniyi Adenubi, has mentored some students of the the Nigerian University of Technology and Management Scholars Programme (NSP). The mentoring session was to enlighten the next generation of entrepreneurs about the complexities of building a business, highlighting the impact of partnerships, entrepreneurial spirit, and service in the world of business, with the core message being Dream and believe in your dream. The Nigerian financial and investment expert spoke about his personal journey, which is intertwined with the dynamic principles of VFD Group, which include Entrepreneurial Ethos, Ambition, Agility, Partnerships, Innovation, Courage, and Commitment.

Image
25-February-2024

Why Trade Between India and Russia is Experiencing Upward Trend—Kotwani

By Kestér Kenn Klomegâh As President of the Indian Business Alliance (IBA) and the founder of the Imperial Tailoring Co., Sammy Kotwani, offers comprehensive insights on the evolving dynamics of Indian investment prospects in the Russian Federation. He also discusses, in this interview, aspects of business challenges and roadblocks in the context of geopolitical changes and competition as well as the current economic cooperation between India and Russia. Here are the interview excerpts: How would you characterize the geopolitical changes on investment prospects for Indians in Russian Federation? Geopolitical changes have significantly influenced investment prospects for Indians in the Russian

Image
25-February-2024

ECOWAS Lifts Sanctions on Niger, Mali, Guinea

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) has resolved to lift some sanctions on Niger Republic, Mali, and Guinea. The resolution was taken at the extraordinary summit on the peace, political, and security situation in the ECOWAS sub-region in Abuja on Saturday. While the regional bloc said the political and a few targeted sanctions on the Niger Republic remain, it lifted some financial and economic sanctions on Guinea and others on Mali. Following the military coup in Niger Republic on July 26, 2023, which toppled President Mohamed Bazoum, ECOWAS imposed several sanctions on the country. Now,

Image
25-February-2024

SERAP Sues Wike, Governors Over Missing N40trn Allocations

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike, over their failure to account for the alleged missing N40 trillion federal allocations meant for local governments in the states and the FCT. The suit followed the damning revelations by former President Muhammadu Buhari who in December 2022 stated that “if the money from the federation account to the states is about N100 million, N50 million will be sent to the chairman but he will sign that he received N100 million.

Image
24-February-2024

Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors. The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat. At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion. Business Post