The World Trade Organisation (WTO) has advised Nigeria to develop its non-oil sector through the provision of subsidy for its agricultural sector.
The Director General of the WTO, Mr Roberto Azevedo, made the request on Monday at a meeting with members of the private sector in Abuja, Nigeria’s capital
Nigeria’s current economic mainstay is crude oil sales, with over 70 per cent of revenue coming from that sector.
Vision Of Trade Facilitation
Mr Azevedo said the initiative would boost the nation’s non-oil sector and provide a means of livelihood for the poor.
The WTO boss promised to support Nigeria to ensure that the government’s vision of trade facilitation was achieved.
Mr Azevedo also gave areas that should be of top priority by the country.
He said: “Around the world governments are struggling with a gloomy economic outlook and a range of challenges to delivering a return to strong growth. Nigeria is no exception.
“Indeed, 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. And there are few signs that the decline in commodity prices will be reversed in the near future”.
The WTO boss also stressed the need to diversify Nigeria’s economy to reduce dependence on the oil sector, which he said was a clear priority.
“Improving the conditions for trade and investment will be an essential part of the policy mix.
“By reducing barriers to trade and lowering the costs of doing business across borders we can help to attract investment, and provide access to new markets for Nigeria’s budding business community.
“And it is clear that there is huge potential here.
“Nigeria has well-developed financial, legal, and communications sectors and the second largest stock market in Africa.
“The …Read More