WTO, ECOWAS, FIFD, others strategise on economic devt in Nigeria, Africa

By Abba-Eku Onyekachukwu Abuja

Major world economic bodies met on 2nd and 3rd November, 2017 in Abuja, Nigeria to proffer solutions for economic development in the country and Africa in general.
After the two day intensive and serious deliberations, they resolved and declared that there is a need to deepen Africa’s integration in the global economy through Trade and Investment Facilitation (TIF) which they termed “Abuja Declaration.”
Prominent among the world economic bodies in attendance were Economic Communities of West African States (ECOWAS), World Trade Organisation (WTO), Friends of Investment Facilitation for Development (FIFD), participants at the High Level Policy and Private Sector Trade and Investment Facilitation Partnership.
Over 30 African countries and major world economies participated at the forum.
The Forum was however opened by Vice-President, Prof. Yemi Osibanjo who spoke at length on the importance of the forum, with the support of the Minister, Federal Ministry of Industry, Trade and Investment (FMITI), Dr. Okechukwu Enelamah.
In line with the declaration, they reaffirmed that trade and investment are twin engines for economic growth and development of Africa which they said were inseparable, reiterating the need to enhance the infrastructure, such as ports, transport corridors and telecommunications networks, among others to enable Africa participate and benefit from today’s integrated and digital global economy. They therefore supported the ongoing Continental Free Trade Area (CFTA) negotiations in Africa.
The world economies unformed that one of the central objectives of Forum was to examine how the WTO could contribute toward facilitating the required investment and trade by developing multilateral approaches to improving transparency, cutting red tape, streamlining procedures and strengthening international cooperation with the aim to expand sustainable pro-developmental investment.
They however noted the importance of enabling developing and least developing countries to increase their participations in global investment flows, by mobilizing resources needed to address their technical and capacity constraints.
They equally called for a successful 11th WTO Ministerial Conference in Buenos Aires in December to strengthen the WTO as a global public good that remains central to the welfare, prosperity and development of all its members, stating further that policies, institutions and best practices are required for expanding the required investment in the domestic economies of African countries.
In his reaction, Enelamah said that Nigeria is positive toward pro-development, pro-business and pro-enabling environment for business. The Director General cum Chief Negotiator of the Nigerian Office for Trade Negotiations (NOTN), Amb. Chiedu Osakwe stated that through the Forum, Nigeria’s important role in economic development in Africa and the world generally would be noticed.
The High Level Forum was co-hosted by the Ministry of Industry, Trade and Investment, ECOWAS in partnership with FIFD. Members of FIFD coalition are Nigeria, Argentina, China, Australia, Brazil, Chile, Colombia, Hong Kong China, Japan, Korea, Mexico, Pakistan, Russia, Singapore, Switzerland, Canada, the European Union, Qatar.
Others were WTO DG Roberto Azevedo; Secretary General of the United Nations Conference on Trade and Development (UNCTAD) Mukhisa Kituyi, African Union (AU) Commissioner for Trade and Industry Albert Muchanga, President of ECOWAS Commission Marcel Alain de Souza and CEOs and business leaders from Hauwei, Procter and Gamble, Vodacom, among others.