Nigeria’s High Trade Costs Making Life Difficult For Businesses – Okonjo-Iweala
Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has listed ways Nigeria could resuscitate its economy and facilitate international investment.
Okonjo-Iweala, speaking on the second day of the midterm ministerial performance review at the Presidential Villa, Abuja, said Nigeria’s trade cost is too high and needs to be cut down.
The WTO DG suggested that a lower trade cost from the factory or farm gate to the final consumer be adopted in order to attract trade-oriented investment into Nigeria.
Okonjo-Iweala also noted that “Improving security and lowering transactions for foreign and domestic investments would be necessary.”
She mentioned that Nigeria is part of a group of countries negotiating an agreement on investment facilitation at the WTO which when negotiated, and implemented could be instrumental in attracting additional trade-oriented investment.
“To complete investment facilitation, Nigeria has to cut down on trade costs. Infrastructural costs, linkage costs, regulatory costs, customs costs, basically all costs associated with moving goods from the factory or farm gate to the final consumer. Nigeria’s trade costs are too high,” Okonjo-Iweala said.