Ngozi Okonjo-Iweala Set To Become The DG of WTO
After ascending the number two position as managing director at the World Bank, it is obvious Ngozi Okonjo-Iweala would have a wealth of experience in handling international trade negotiations in her new role as the Director General of WTO (World Trade Organisation).
Many Africans, especially Nigerians see this development as an opportunity for the country to be better positioned in the global trade market.
There is a strong belief that she would spearhead this new position with structure and coherence based on her past records as a two time finance minister of Nigeria; where she led the team which negotiated a debt write off of $18bn in 2005. This gave Nigeria her first ever sovereign credit rating of BB from Fitch and Standard and Poor.
As a trader, here’s what Ngozi Okonjo-Iweala’s new WTO announcement means for your business:
- An Opportunity To Export High Quality Products: Her leadership position could foster an increase in investments as well as improved quality of outputs. African countries could progress from exporting raw-materials and semi-processed goods to finished products.
- Favourable Trade Rules: This is instrumental for export-led growth strategies that will propel millions of African businesses to global levels of excellence.
- Facilitation of AfCFTA: Having an African leader of the trade body could speed up the reality of free trade across Africa.