Nwankwo Charts Path To Boost Nigeria’s Trade Competitiveness
A former Director-General of the Debt Management Office, Prof Abraham Nwankwo, has identified strategic opportunities for Nigeria and Africa to boost participation in global commerce, as the country commemorates three decades of membership in the World Trade Organization (WTO).
Speaking at the opening of the maiden International Conference and MSMEs Trade Exhibition organized by the Professor Ngozi Egbuna International Center for Regional Integration and Trade Research (ICRITR) at Nnamdi Azikiwe University, Awka, conference chair, Professor Nwankwo, commended the organisers for hosting the landmark event.
With the theme “30 Years of Nigeria in WTO: Opportunities, Challenges, and Prospects,” the conference brought together global and regional experts, including Professor of Regional Economic Integration Law & Practice in Africa, Prof. Muhammed Tawfiq Ladan; senior academics, policymakers, and MSME operators.
Nwankwo who chaired the event, noted that the timing of the conference was apt, given shifts in the global trade landscape and the growing importance of the African Continental Free Trade Area (AfCFTA).
He highlighted two critical issues for Africa’s trade prospects.
The first issue is on the continent’s low share of global GDP and trade currently 2.6 per cent and 2.9 per cent respectively, compared to Asia’s 36 per cent and 38.5 per cent.
The second issue, according to Nwankwo is on the link between trade performance and infrastructure, with Africa facing an estimated $100bn annual funding gap that often relies on debt financing.
“The speakers will proffer pathways for Nigeria and other African countries to maximize participation in, and benefits from, world trade,” he said.
He urged participants to leverage the sessions to strengthen their entrepreneurial capacity in the global market.
He also praised the inclusion of an MSME trade exhibition alongside the conference, noting that “you can only trade what you produce” and that small businesses remain the “engine rooms of production.”
Nwankwo urged the ICRITR to compile and share key policy recommendations from the conference with the Nigerian government, AfCFTA, and other relevant bodies to support sustainable trade growth.
Nwankwo Charts Path To Boost Nigeria’s Trade Competitiveness is first published on The Whistler Newspaper
