WTO DG visits CBN talks about embracing digital economy, exiting recession

Newly appointed DG of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala on Tuesday, March 16, 2021, said Nigeria will need to embrace the digital economy to exit recession as she paid a visit to the Central Bank of Nigeria (CBN) Headquarters in Abuja.

The former finance minister who was received by a delegation led by CBN Governor, Godwin Emefiele, said Nigeria has enough resources and opportunities to exit the recession.

“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 said.

According to the WTO boss, the country also needs to embrace trade remedies and a digital economy to help Nigerian industries.

“WTO has what we call trade remedies. Without banning things we can be able to protect our industries against dumping and cheap imports if we use those remedies. We can use those remedies as a tool to help our industries.

“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.

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, Channels TV reports.

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.