On January 6, 2025, the Federal Government of Nigeria expressed its support for the World Trade Organization (WTO) Chair Programme (WCP), which aims to enhance trade policy formulation and economic capacity building in the country. Dr. Jumoke Oduwole, the Minister of Industry, Trade and Investment, highlighted the ministry's enthusiasm for the program's potential to improve Nigeria's trade landscape. This initiative comes at a critical time as global trade tensions escalate, particularly between the United States and China, as emphasized by WTO Director-General Ngozi Okonjo-Iweala in her recent calls for unity among middle powers. [d45686a8]
The WCP will focus on key areas such as digital trade, small and medium-sized enterprises (SMEs), the circular economy, and women's economic empowerment. Nnamdi Azikiwe University was selected to lead the project after a competitive application process involving 27 universities. Professor Ngozi Eunice Egbuna will spearhead the initiative, which is set to commence in the next academic session. [d45686a8]
This support for the WTO project aligns with Okonjo-Iweala's warnings about the risks of fragmentation in global trade, particularly as the US and China face increasing tensions. The WTO has reported that US-China bilateral trade has been growing at a rate 30% slower than trade with the rest of the world since 2018, indicating a potential decoupling of their economies. Okonjo-Iweala has stressed the importance of joint diplomacy to avert a significant loss in global GDP. [fad97a7d]
Furthermore, the Nigerian Ambassador to the WTO, Amb. Dr. M. A Abduhamid, emphasized the collaboration between the ministry and the trade office in Geneva, which is crucial for the successful implementation of the WCP. As Nigeria navigates its economic challenges, the government's backing of this WTO initiative is seen as a strategic move to bolster its trade capabilities and foster sustainable development. [d45686a8]