Director-General Okonjo-Iweala met with women entrepreneurs and representatives of small businesses to discuss the challenges facing these groups. She also discussed the role the WTO can play to help them benefit from trade. She these groups on the final day of her three-day visit to Nigeria on Wednesday, March 17, 2021.
Dr. Okonjo-Iweala stressed the role of women and small businesses in the economy and the need for additional support for their efforts to thrive commercially. She said that the challenges facing women and MSMEs have been worsened by the pandemic.
Also, she advocated lowering the obstacles for businesses of all sizes, especially women-owned businesses, to participate in international trade. According to her, it would help build back a better economy for everyone after this crisis.
Dr. Okonjo-Iweala’s meetings
Earlier in the week, she met with President Muhammadu Buhari, the Vice President, and senior members of the government. Among those she met include the Minister of State on Trade, Industry, and Investment, and the Minister of Foreign Affairs. Others are the Ministers of Finance and Women Affairs. She also met with the Governor of the Central Bank of Nigeria, business leaders and the Presidential Task Force on COVID-19.
In her meeting with Nigerian captains of industry on March 16, the Director-General praised Nigeria’s efforts in fighting the COVID-19 pandemic. She urged the country to build on this success. Dr. Okonjo-Iweala emphasized the importance of increasing vaccine production, and ensuring equitable distribution. She stressed on making sure that medical goods such as vaccines can cross borders seamlessly.
Also, the WTO Director-General underlined the role that trade can play in helping Nigeria’s economy diversify. This will help it move from oil dependency towards a modernized and low-carbon economy. She said tapping into external demand can help pull people out of low-productivity activities and into more tradable goods and services.
Digitization
Meanwhile, the DG emphasized Nigeria’s success in the hospitality, retail, finance, entertainment, and app development sectors. She cited them as examples of how to tap into the endless opportunities digital trade can offer to both small and larger firms.
Dr. Okonjo-Iweala further stated that connecting micro, small and medium-sized enterprises (MSMEs), and especially women-owned businesses, to regional and international market opportunities, is key. She explained that more people will then benefit from trade, raising living standards, and creating jobs. The WTO provides the underpinning for open and predictable global trade.
About the visit
The WTO Director-General’s visit to Nigeria is her first official trip since taking office at the beginning of March. The main rationale for the visit is to express her gratitude to His Excellency President Muhammadu Buhari for nominating her for the WTO top job. DG Okonjo-Iweala also met with public health officials dealing with the COVID-19 pandemic, women entrepreneurs, and representatives from the industry.
Her visit is also to assist entrepreneurs, especially women on how best to develop their businesses. She pointed out that the WTO is committed to protecting vulnerable economies form dumping. The Director-General is championing the course to ensure that vaccines are available for all.
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