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WTO urged Nigeria to diversify economy

16 February 2016, 19:03

Abuja - World Trade Organisation (WTO) Director-General, Roberto Azevêdo, is confident the administration of President Muhammadu Buhari will reverse the country’s woes.

Speaking in Abuja, he pointed out the country faces a range of formidable challenges, such as security and governance issues, which have been compounded by the steep decline in oil prices, due largely to global over-supply.

“This is acting as a brake on economic growth in Nigeria,” said Azevêdo.

He noted there were signs the decline in commodity prices would be reversed in the near future.

“Diversifying the economy to reduce dependence on the oil sector is a clear priority. Improving the conditions for trade and investment will be an essential part of the policy mix,” he added.

Also Read:Naira hits record low at N345/dollar

He was upbeat of a turnaround.

“Despite these challenges, under Nigeria’s new leadership I think the country can look to the future with a renewed sense of optimism. I met with His Excellency President Buhari earlier today and I commended his efforts to tackle the issues facing the country.”

During his time in Abuja, the WTO executive addressed a meeting of private sector representatives on how the WTO could continue to serve Nigeria.

He disclosed they had discussed how WTO could help Nigeria in overcoming some of the challenges and seizing some of the emerging opportunities.

“Nigeria’s leadership will be as important as ever as we discuss the future of global trade negotiations. I look forward to working with Nigeria to ensure that the WTO delivers further reforms which can support development here and across Africa.”

- CAJ News

Tags economy

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