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WTO engages CBN on Nigeria’s recession exit plan

By Idowu Abdullahi

The newly appointed Director-General of the World Trade Organization (WTO), Dr Ngozi Okonjo-Iweala, has advised the Central Bank of Nigeria (CBN) on ways and strategies it can adopt to fast-track the country’s exit from recession.

She explained that to exit recession, the country must be willing to adopt trade remedies and fully embrace digital economy, which she argued, was the direction the world is moving into.

Okonjo-Iweala also said that favorable and youth-focused policies must be put in place in support of the younger generations with technical know-how to move the country’s economy in the right direction.

The WTO DG stated this on Tuesday when she paid a visit to the CBN Headquarters in Abuja. She was received by a delegation led by CBN Governor, Godwin Emefiele.

Okonjo-Iweala, who advocated more opportunities for the younger Nigeria, added that the country has enough resources and opportunities to exit the recession.

“I think we have what it takes in the country, particularly our young people to do the necessary which is to move forward as to how we are going to create jobs and move this economy in the direction that would support our youths in the future.

“There are opportunities that can be used in improving trade so that our economy can climb out of this pandemic recession that we are in faster than would have been the case,” she said.

According to the WTO boss, the country also needs to embrace trade remedies and a digital economy to help Nigerian industries.

“WTO has what we call trade remedies. Without banning things we can be able to protect our industries against dumping and cheap imports if we use those remedies. We can use those remedies as a tool to help our industries.

“Digital Economy has come to stay and people are doing well there. We need to support our young people to make use of the digital economy,” she said.

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