World Trade Organisation
WTO chief: Patent waiver not enough to close vaccine gap
World Trade Organisation (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, has said that intellectual property waiver alone will not be enough to narrow the huge COVID-19 vaccine supply gap between rich and poor countries. She told the European Parliament that it was clear that discussions around vaccine patents alone would not suffice, saying that global leaders should do more to ensure that there is equitable production and distribution of the jabs. Okonjo-Iweala said developing countries had complained that the licensing process was cumbersome and should be improved upon. She added that while it makes sense to protect research and innovation, it is also important to expand access to the vaccines. According to her, manufacturers should work to expand production, pointing to idle capacity ...
WTO chief warns against Nigeria’s continued reliance on oil & gas
Dr. Ngozi Okonjo-Iweala, Director General of World Trade Organisation (WTO), has warned of Nigeria’s continued reliance on crude oil and gas as the major source of revenue to the government. Okonjo-Iweala sounded the warning on Wednesday in Abuja at a meeting with Women Entrepreneurs in Nigeria held at the headquarters of the Nigerian Export Promotion Council (NEPC). She urged the government to transit from oil and gas based economy to other non-oil sectors. She pointed out that unless Nigeria diversifies her economy, it would be left behind by other countries. She said, “I have kept on harping that Nigeria should transit from oil and gas based economy to producing in other non-oil sector. “This is because of the climate change. Fossil fuels which are oil and gas, that Nigeria depends on, ...
Women’s Day: Nigerian government urged to look deeper into Leah Sharibu’s case
Sen. Bassey Ewa Henshaw (Cross River South 2003-2011) on Friday called for more equitable distribution of positions, responsibilities and opportunities irrespective of gender and social status to bring out the best in the citizens. Henshaw made the call in Lagos at the flag-off of activities to mark the 2021 International Women’s Day celebration by the Nigeria Girl Guides Association (NGGA). The event featured election of new executives of the NGGA. The theme of this year’s International Women’s Day celebration is: “Choose to Challenge”. The International Women’s Day, held every March 8, is to celebrate the social, economic, cultural and political achievements of women. According to the lawmaker, giving equal opportunities to all will provide a sense of belonging to all and advance nationa...
WTO: We need to build capacity for international competitiveness – LCCI
Lagos Chamber of Commerce & Industry The Lagos Chamber of Commerce and Industry (LCCI) has posited that for Nigeria to take advantage of opportunities offered by the World Trade Organisation (WTO) under the leadership of Dr. Ngozi Okonjo-Iweala, it was important to build capacity for international competitiveness of our products and services. The Chamber also emphasised the need to address trade facilitation issues, especially around port processes, ports infrastructures, international trade documentation, foreign exchange policies, trade policies and industrial policies. The Director General of the chamber, Muda Yusuf, made the disclosure following the appointment of Okonjo-Iweala as the DG of the WTO, saying her emergence comes at a time when the global trading system is faced with n...
WTO fixes date to announce next director-general
The World Trade Organisation (WTO) has scheduled a special meeting of its General Council for Monday, February 15, 2021, where Nigeria’s former Minister of Finance, Dr. Ngozi Okonjo-Iweala is expected to be formally announced as the Director General. According to a notification seen by newsmen Tuesday, the only agenda for the meeting is to, “consider the appointment of the next WTO Director-General.” The United State government last week gave its formal approval to the emergence of Okonjo-Iweala as the next Director General, thereby removing the final obstacle to her bid to be the first woman and the first African to run the Geneva-based trade body. The endorsement of the candidacy of the Nigeria’s two-term former minister was sequel to the withdrawal of her main challenger, the South Kore...
European Union backs Ngozi Okonjo-Iweala for WTO role
The European Union has endorsed former Nigerian finance minister Ngozi Okonjo-Iweala as the next director-general of the World Trade Organisation, Bloomberg reported. The business news outlet cited anonymous officials familiar with the matter that all the 27 EU member countries agreed on Monday in Brussels to support Mrs. Okonjo-Iweala. Bloomberg also reported that the United States has decided to back Yoo Myung-hee, South Korea’s trade minister, for the role. The position has been fiercely contested amongst candidates of different countries since Roberto Azevedo resigned in August. Last month, Okonjo-Iweala and Myung-hee were selected as the last two candidates in the contest. The EU’s endorsement is seen as a significant boost for Okonjo-Iweala’s candidacy, with the final winner expected...
