VIDEO: WTO IFD Agreement to complement Nigeria’s ongoing reforms towards unlocking opportunities, says Minister of Industry
The Honourable Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite has hinted that the WTO Investment Facilitation for Development (IFD) Agreement would complement Nigeria’s ongoing reforms and initiatives towards unlocking opportunities within its economy.
Speaking at the 13th World Trade Organization (WTO) Ministerial Conference (MC 13), held in United Arab Emirates, the Minister in her speech said the Government reforms within institutional and regulatory frameworks is to enhance market efficiencies under the African Continental Free Trade Area (AfCFTA).
Uzoka-Anite in her speech during the ministerial event on IFD scheduled on Sunday, said, “In Nigeria, we are currently intensifying reforms within our institutional and regulatory frameworks to improve our business environment, and competitiveness, with the aim of attracting sustainable investments, increasing our productive capacity, creating employment, and alleviating poverty. In our view, these reforms are key, if we are to reap economies of scale or other market efficiencies under the AfCFTA, as well as from our participation within the Multilateral Trading System.
“I believe that the IFD Agreement would complement Nigeria’s ongoing reforms and initiatives towards unlocking opportunities within our economy, especially with regards to efforts towards making Nigeria a progressively easier place to start and grow businesses.”
She expressed optimism that the Agreement seeks to foster closer international cooperation and create a more transparent, efficient, and predictable investment environment that will lead to an improved flow of cross-border investment for development.
“I believe it is only by scaling up investments in our economies that we can participate and benefit from, today’s integrated and digital global economy,” she said.
She used the opportunity to call on all WTO Members to support the adoption of the IFD Agreement as a WTO annex 4 Agreement in the Ministerial Conference.
