Despite opportunities, Africa’s share of global trade remains stagnant at 3%—Okonjo-Iweala

There is room for growth in Africa’s relatively small but steady percentage of global trade, which currently stands at around 3%.

Ngozi Okonjo-Iweala, the head of the World Trade Organisation (WTO), said this.

According to Okonjo-Iweala, Nigeria could increase its income by billions of dollars if it improved the quality of its agricultural exports, especially sesame and cowpea.

The head of the World Trade Organisation stressed that the organisation is dedicated to working with Nigeria and Africa to make the most of these prospects.

A number of countries, notably Nigeria, have the potential to increase Africa’s trade share, which has been relatively flat at around 3% for some years, according to her. To begin, I will focus on Nigeria. The country has numerous chances to broaden its economic base and increase its income streams.

And the reason we’re here at the WTO is to take advantage of this chance to boost the country’s agricultural exports. With the potential to earn not just millions, but billions of dollars, meeting the quality and certification standards demanded by those in the know, the honourable Minister of Industry, Trade, and Investment pleaded for assistance, asking: “How can we improve the quality of agriculture products like cowpeas and sesame?”

According to Okonjo-Iweala, the World Trade Organisation can educate Nigerian farmers to increase the country’s revenue from this crop by a factor of three.