WTO DG Iweala Urges Nigeria to Enhance Mineral Exports

Dr. Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), addressed the need for Nigeria and African countries to focus on adding value to their mineral resources before exporting them.

Speaking on Wednesday in Abuja at the 7th African Emerging Markets Forum hosted by the Central Bank of Nigeria (CBN), she highlighted Africa's dependency on other nations for essential commodities. Iweala noted that Africa possesses an estimated 30% of the world’s non-mineral reserves and stressed the importance of developing sub-regional value chains to enhance productivity and economic stability.

She pointed out successful examples, such as Morocco's use of phosphate resources for electric vehicle components. Iweala called for improved intra-African trade, stating that the African Continental Free Trade Agreement (AfCFTA) offers a significant opportunity for growth.

Mr. Olayemi Cardoso, Governor of the CBN, echoed her sentiments, noting that intra-African trade accounts for only about 16% of total trade and emphasized the need for stronger regional value chains.