Dr Ngozi Okonjo-Iweala, the newly appointed Director-General of the World Trade Organization (WTO) on Tuesday paid a visit to the Central Bank of Nigeria (CBN) Headquarters in Abuja and spoke on how Nigeria can exit recession and the need to embrace the digital economy.
Okonjo-Iweala counseled Emefiele on the need to leverage on existing trade remedies and opportunities so as to increase trade relations to move the economy forward rather than resorting to banning and protectionism to save local industries.
Similarly, the WTO boss advised CBN Governor to rather embrace digital economy which is the order of the day and also assist younger generation in that direction.
CBN has been in the Vanguard of banning importation of some items, particularly about 21 items which he claims the country can produce locally.
But, unfortunately, these items like rice have found themselves in our various warehouses due to porous borders and alleged vonmjvance of our sevurity agents at the borders vonmjvance with importers to bring in some of these banned items.
Also, the CBN, under Emefiele recently directed all deposit money banks to close and banned all cryptocurrency accounts operated by some individuals and corporate organisation, without providing alternative window for this thriving business even internationally.
But, vice president Yemi Osinbajo recently advised CBN to rather explore ways of regulating the business rather than outright ban in this digital age.
However, the WTO DG who was received by a delegation led by CBN Governor, Emefiele, said Nigeria has enough resources and opportunities to exit the recession
“Digital Economy has come to stay and people are doing well there. We need to support our young people to make use of the digital economy,” she explained.
Speaking further, she said,
“I think we have what it takes in the country, particularly our young people to do the necessary which is to move forward as to how we are going to create jobs and move this economy in the direction that would support our youths in the future.
“There are opportunities that can be used in improving trade so that our economy can climb out of this pandemic recession that we are in faster than would have been the case,”.
She added that this is a big task before the country and conversations must start in that direction and also the creative industry should not be neglected as it creates more jobs for the youths.
The CBN Governor, Godwin Emefiele, in response said the local industry should be given the room to grow as it would create more job opportunities, given the rate of high unemployment
He also announced Nigeria is open to business in any part of the world.
