Monday, February 6, 2023
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News Business & Economy Economy

Emefiele Woos WTO…Says Nigeria needs help to Reset its economy

March 17, 2021
in Economy, Business & Economy, News
Reading Time: 4 mins read
0
A A
0
Emefiele Woos WTO...Says Nigeria needs help to Reset its economy
Share on FacebookShare on Twitter

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele pleads with World Trade Organization (WTO) to give Nigeria a chance to reset and diversify its economy.

According to a statement released by the apex bank, Emefiele stated this in Abuja on Tuesday, March 16, 2021, while playing host to the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala at the bank’s headquarters.

Emefiele, who congratulated Okonjo-Iweala on her new position, said her emergence as the Director-General of the WTO was in recognition of Nigeria as the largest economy and most populated country in Africa.

He noted that Nigeria, with an estimated population of over 200 million, remained a major player in global trade.

The Governor, acknowledged that Nigeria needs help to achieve her goals in the areas of trade and export finance logistics, stressing that Nigeria’s stance on trade was necessitated by the drive to protect local industries to create jobs and employment as well as create an enabling environment for them to live meaning lives.

Continuing, the Governor cited the provision of stimulus and interventions packages, restructuring of loans and the reduction of interest rates on loans as part of the apex bank’s response towards ameliorating the impact of the Coronavirus pandemic on Nigerian businesses.

He added that through partnership with the private sector, the Coalition against COVID-19, CACOVID raised about 40 billion naira to support the efforts of government to combat the pandemic in Nigeria.

While expressing the bank’s willingness to work with the WTO, he disclosed that the CBN was determined to address the inefficiencies that led to the closure of pharmaceutical companies and other businesses that hitherto operated in the country.

With the establishment of the Infrastructure Corporation of Nigeria Limited (InfraCorp.), Emefiele expressed optimism that the infrastructural deficits in the country would be addressed coupled with an improvement in the country’s ease of doing business index.

In her response, the visiting WTO DG, Ngozi Okonjo-Iweala, commended the CBN Governor and his team for their assistance to the country towards receiving the first set of doses of the COVID-19 vaccines with another 12 million doses to follow.

Okonjo-Iweala said the COVID-19 pandemic presented Nigeria with an opportunity to change the narrative of its pharmaceutical industry.

While expressing concern over statistics from the Economic Commission on Africa, which indicate that the continent imports over 90% of its pharmaceutical needs, she urged Nigeria to take advantage of the African Continental Free Trade Area (ACFTA) and a population of over 1.3 billion people, to enhance its trade opportunities.

She urged the creation of a conducive environment as Nigeria had enough talent and capacity to attract investments to the pharmaceutical sector to create jobs for the teeming population.

Okonjo-Iweala also called for an urgent transition of Nigeria’s economy from fossil fuel-based economy to one that is dependent on other sources of revenue and job creation.

She equally stressed the need for Nigeria to urgently improve its trade logistics index as well as the quality of its exports.

Okonjo-Iweala urged the country to take advantage of the WTO trade remedies, which can, without placing ban or restrictions on any sector, help protect local industries against dumping and cheap imports among others.

In conclusion, she said Nigeria has the young population and capacity to create jobs and move the economy in the direction that will support the youths in the future stressing that there are opportunities that can be harnessed to improve trade and services and diversify the economy.

In his remarks, the Ambassador of Barbados to the UN Institutions and WTO, Ambassador Chad Blackman noted that Nigeria, being the biggest economy and having the largest population in Africa, had a comparative advantage in terms of what it could achieve.

Other members of the WTO DG delegation to the CBN were the Permanent Secretary and Management staff of Federal Ministry of Industry, Trade and Investment.

The visiting WTO DG and her delegation were received by the CBN Deputy Governors: Mrs. Aisha Ahmad (Financial System Stability), Mr. Edward Adamu (Corporate Services), Mr. Folashodun Shonubi (Operations), Special Adviser to the Governor on Financial Markets, Mr. Emmanuel Ukeje and some departmental directors.

See Pictures Below:

Emefiele Woos WTO...Says Nigeria needs help to Reset its economy

Emefiele Woos WTO...Says Nigeria needs help to Reset its economy

Read Also: BREAKING! Bank Customers to Pay N6.98 for USSD Services

Tags: CBNEmefieleNigeriaWTO
ShareTweetSend
Previous Post

7 Great Health Benefits of Walnuts

Next Post

Asset Declaration: Nigerians Fume as EFCC Goes after Bankers

Related Posts

REVEALED! Bank officials hiding new notes behind old notes
News

REVEALED! Bank officials hiding new notes behind old notes

February 4, 2023
48
Banks suffer 11% reduction in new loans as customers resist interest rate hike
News

Shortage of New Naira notes: Emefiele begs Nigerians, says CBN addressing supply hiccups

February 3, 2023
64
Banks suffer 11% reduction in new loans as customers resist interest rate hike
Business & Economy

New Naira Notes: CBN allows  banks to pay N20k per day over-the-counter

February 2, 2023
41
New Naira Notes: Emefiele blames banks for scarcity, abuse at parties
Finance

New Naira Notes: Emefiele blames  banks for scarcity, abuse at parties

January 31, 2023
37
Delia Ferreira Rubio, Transparency International Chairperson
News

Corruption: Nigeria ranks 150 out of 180 countries

January 31, 2023
33
INEC
News

Fuel scarcity could affect 2023 election logistics-INEC warns

January 31, 2023
29
Next Post
Asset Declaration: Nigerians Fume as EFCC Goes after Bankers

Asset Declaration: Nigerians Fume as EFCC Goes after Bankers

6 Ways To Improve Your Body Language Skill

6 Ways To Improve Your Body Language Skill

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

  • Trending
  • Comments
  • Latest
How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

October 16, 2020
Covid-19: See List of Vaccination Centers in Lagos State

Covid-19: See List of Vaccination Centers in Lagos State

August 19, 2021
Banks suffer 11% reduction in new loans as customers resist interest rate hike

CBN reveals 9 Business Categories that recorded Increased Activity This Month

9
BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from 'Anonymous' hack

BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from ‘Anonymous’ hack

7
REVEALED! Bank officials hiding new notes behind old notes

REVEALED! Bank officials hiding new notes behind old notes

February 4, 2023
Banks suffer 11% reduction in new loans as customers resist interest rate hike

Shortage of New Naira notes: Emefiele begs Nigerians, says CBN addressing supply hiccups

February 3, 2023

Categories

  • Agriprenuers (12)
  • Books & Arts (7)
  • Business & Economy (436)
  • Capacity Building (25)
  • CDAs (2)
  • Community Champions (1)
  • Crime (196)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (318)
  • Education (192)
  • Entertainment (405)
  • Faith (55)
  • Finance (339)
  • Global (103)
  • Guest Columnists (17)
  • Health (242)
  • Health (56)
  • Industry (149)
  • LGAs (1)
  • Lifestyle (98)
  • MGDs (10)
  • News (2,298)
  • Politics (374)
  • Projects (2)
  • Relationships (70)
  • Security (164)
  • SMEs (15)
  • SPECIALS (87)
  • Sports (311)
  • Street Money (9)
  • Tech (138)
  • Teens World (3)
  • The Entrepreneur (26)
  • Uncategorized (70)
  • Your Community (33)
  • Youthprenuers (14)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam