During the ongoing 148th assembly of the Inter-Parliamentary Union (IPU) in Geneva, Switzerland, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), held discussions with Senator Natasha Akpoti-Uduaghan, Chairperson of the Senate Committee on Local Content, emphasizing the need to leverage global markets for Nigerian businesses.
Senator Natasha, a staunch advocate for Nigerian export ventures, urged Okonjo-Iweala to facilitate access to international markets, particularly through initiatives like the African Growth and Opportunity Act (AGOA) and the Centre for the Promotion of Imports from Developing Countries (CBI). She highlighted the importance of seizing these export opportunities to strengthen Nigeria’s economic growth and diversification efforts under the leadership of President Bola Tinubu.
Expressing concerns over Nigeria’s acute dollar shortages, Senator Natasha emphasized the potential for non-oil exports to thrive under AGOA, providing vital foreign exchange for the economy.
Dr. Okonjo-Iweala commended Senator Natasha’s advocacy and pledged to explore her recommendations. She affirmed her commitment to collaborating with the Kogi lawmaker to advance Nigeria’s interests, particularly in trade and commerce.
AGOA, established in 2000, facilitates favourable trade terms for African nations exporting various products, excluding oil, to the United States, fostering economic development across the continent. While some African countries have capitalized on AGOA, Nigeria aims to tap into its benefits to enhance its export profile and contribute to economic resilience and prosperity.