Nigeria Needs Okonjo Iweala, WTO's Help To Achieve Trade Goals, Says CBN's Godwin Emefiele

- Godwin Emefiele want Okonjo-Iweala and the WTO to assist Nigeria in achieving its trade plans

- Emefiele defends restrictive trade actions of President Buhari as Okonjo-Iweala says the government doesn't need a trade ban to protect Nigerians

- Emefiele and Okonjo-Iweala deliberate on actions to revive Nigeria's medicine companies and industry

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The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has asked for Ngozi Okonjo-Iweala's help as the Director-General of the World Trade Organisation (WTO). He said Nigeria needed assistance in achieving its trade goals.

Emefiele admitted that Nigeria needs help in the areas of trade and export finance logistics as he requested a chance for the country to reset and diversify its economy. He made this comment during a meeting with Okonjo-Iweala.

The meeting, which held on Tuesday, focused on the area of trade. During the courtesy visit by Okonjo-Iweala, Emefiele explained that Nigeria had taken restrictive trade actions to protect local industries.

In a statement shared by the CBN highlighting the outcome of the meeting, it was stated that the protectionism act was meant to create jobs. Okonjo-Iweala, however, stated that there are ways to protect local industries without restrictions.

She told Nigeria to take advantage of trade remedies provided by the WTO, in order to protect the country against dumping and cheap imports among others, without having to apply trade ban.

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Effort to revive medicine companies in Nigeria

Emefiele said the apex bank is willing to address the inefficiencies that caused the closure of medicine companies and other businesses in Nigeria. The CBN boss said Infrastructure Corporation of Nigeria Limited, recently established, will fix the infrastructural deficits.

Commenting on reviving local medicine companies, Okonjo-Iweala said the pandemic provided an opportunity for the industry, but was concerned about the level of importation of medical products, which she put at 90% by Economic Commission data.

She said Africa should take advantage of the opportunities its population offers and provide a conducive environment that will attract investments to the medicine sector.

Meanwhile, Legit.ng had earlier reported that members of the WTO reported Nigeria to Okonjo-Iweala over the multiple exchange rates that split forex inflow in three ways.

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Okonjo-Iweala said she would have defended Nigeria, but as the head of the global trade body, she can't, so Nigeria's representatives will have to explain the reason the country is operating multiple exchanges.

Fakoyejo Olalekan is a Business and Financial Journalist with over three years of experience in covering finance and business activities within Nigeria and offshore. Prior to joining Legit.ng, he worked at Nairametrics where he wrote financial and investment analysis articles. Olalekan is a resourceful and result-driven journalist with a track record for conducting extensive research and interviews to produce articles that provide different perspectives to market activities.

Source: Legit.ng