The removal of fuel price subsidies and the unification of official foreign exchange windows into a single rate, among other economic reforms by President Bola Tinubu, have been commended by 42 World Trade Organization (WTO) Member countries.
The commendation comes as Nigeria’s trade policy undergoes review at the WTO in Geneva, Switzerland.
The event, which began on Wednesday, November 13, 2024, is scheduled to end on Friday, November 15, 2024.
In a statement from the Federal Ministry of Industry, Trade and Investment (FMITI), Permanent Secretary Amb. Nura Abba Rimi, the review, conducted every seven years, aims to promote transparency in economic policies and ensure Nigeria’s compliance with its multilateral trade obligations.
Rimi informed WTO members that Nigeria strongly believes that international trade and the WTO are essential platforms for achieving its development goals of structural transformation, industrialization, and economic diversification.
“To optimize our gains from the global trading system, Nigeria is undertaking reforms to boost economic growth.
“The government of Nigeria is implementing core reforms to improve institutional and regulatory frameworks, enhance the business environment, promote competitiveness, attract sustainable investments, increase productive capacity, generate employment, and alleviate poverty.
“Nigeria’s Agenda 2050 provides a framework for implementing a series of medium-term plans and annual budgets for inclusive and sustainable development.
“The government of President Bola Ahmed Tinubu, since inception in 2023, has pursued ambitious reforms to reestablish macroeconomic stability and ensure inclusive growth under the Renewed Hope Agenda by removing fuel price subsidies and unifying official foreign exchange windows into a single rate.
“The Renewed Hope Agenda is centered on food security, ending poverty, economic growth and job creation, access to capital, improving security, enhancing the business environment, enforcing the rule of law, and fighting corruption. Currently, the government is reviewing the NDP 2021–2025 to align it with the Renewed Hope Agenda,” he said.
The statement added that the first day of the meeting saw high participation from various WTO member Ambassadors.
According to Rimi, “Over 42 Ambassadors from the UK, USA, Canada, Saudi Arabia, Norway, Singapore, Angola, Thailand, Japan, EU, Namibia, South Africa, and others took the floor to commend Nigeria for its trade and economic policies.
“They also expressed interest in enhancing trade cooperation with Nigeria.”