Okonjo-Iweala in Nigeria, advocates fisheries subsidy, local vaccine production

The Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, has stressed the importance of trade relationships in Nigeria and Africa with a focus on fisheries subsidies and local vaccine production in the country.

Speaking during her visit to the Ministry of Industries, Trade and Investment, the second as WTO DG said fisheries subsidy is key to Nigeria, observing that to ensure improved output, a revised draft agreement for new global rules aims to curb harmful fishing subsidies and curtail post-harvest losses.

On vaccine production, the W.T.O boss is seeking more support from local manufacturers to guard against imports of vaccines and other pharmaceutical products.

These issues were part of a broad discussion on how to improve trade and export while leveraging the opportunities the African continental free trade agreement offers.

Beyond improving trade ties in Nigeria and Africa, Dr Okonjo-Iweala said the WTO is also looking at soaring inflation rates.

In this regard, she says the WTO is taking measures to ensure that all restrictions on food flow to member countries are addressed.

Her visit comes barely a month after the WTO’s Council of Ministers meeting which was held in Geneva between June 12 to 17 with a major focus on improving trade, health, food security, and economic reforms which aim at building economic resilience globally.

She was received by the minister of State for Industries Trade and Investment, Maryam Katagum.

The minister promised to escalate the agreement reached at the council of ministers meeting with President Muhammadu Buhari.

The agreements reached include one for the establishment of fisheries subsidies which is expected to check unregulated fishing practices in Nigerian waters, the development of fisheries development programs and the establishment of technical services in fisheries data collection.