The Director‑General of the World Trade Organization, Ngozi Okonjo‑Iweala, has urged Nigeria to tackle its high logistics costs, develop efficient payment systems, and invest in value‑addition to lead Africa’s new era of trade. Speaking at the WTO Public Forum in Geneva, she emphasized that Nigeria and other African economies must accelerate the implementation of the African Continental Free Trade Area (AfCFTA) and strengthen infrastructure to unlock opportunities in manufacturing, services, and digital trade.
The AfCFTA aims to promote economic integration among African countries and has the potential to raise intra‑African trade, which currently stands at only 15‑20 percent—far below the European Union’s 60 percent. Okonjo‑Iweala highlighted the case of Lesotho, which exports about $200 million of textiles to the United States, while Africa imports $7 billion of similar goods, underscoring the need for more intra‑continental trade.
To achieve this, she stressed the importance of efficient payment systems, better infrastructure, and lower trade costs. “It should not take longer to ship goods from Cape Town to Lagos than from China to Lagos,” she noted, calling for improved connectivity and implementation.
Okonjo‑Iweala pointed out that Africa’s rich endowment of critical minerals, energy, new supply chains, and opportunities in services and digital trade offers huge growth potential. She also cautioned against negative narratives about global commerce, which could obscure recent successes achieved through multilateral cooperation.
Her remarks come as the AfCFTA gains momentum, with many African nations working to implement the agreement and increase trade among themselves. As Nigeria seeks to dominate the AfCFTA, addressing logistical challenges and investing in key sectors will be crucial to unlocking its full potential and promoting economic growth and development in the region.
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