The World Trade Organisation (WTO) has initiated a $1.2 million program. Dr. Ngozi Okonjo-Iweala, the Director-General of WTO, revealed this groundbreaking initiative during the unveiling of seven trade support projects in Abuja, with collaborations from the World Bank and the International Trade Centre (ITC).
These initiatives, as reported by Vanguard, are tailored to combat Nigeria’s product rejections in the global market. Dr. Okonjo-Iweala underscored the critical partnership between the Standards Trade Development Facility (STDF), ITC, and the Nigeria Export Promotion Council (NEPC) in launching the endeavor.
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The focus of the program is to secure international safety and quality certifications for sesame and cowpeas originating from Nigeria. Dr. Okonjo-Iweala emphasized Nigeria’s agriculture sector’s latent potential as a catalyst for export diversification and job creation.
She lamented the existing barriers hindering the sector’s growth and noted Nigeria’s historical significance as an agricultural exporter, which has dwindled since the mid-1960s, leading to a shift towards being a net importer of agricultural products.
Dr. Okonjo-Iweala highlighted the cost-effectiveness and high-impact nature of such initiatives, stating, “This type of project is one I term a low-expenditure, high-impact project.
The WTO is not a financing agency like the World Bank or IMF, but it has a wonderful secret that I find very attractive. It spends small sums of money to make a big impact. You cannot imagine how a million-dollar intervention can earn Nigeria hundreds of millions, if not billions, in increased agricultural exports.”
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