The Nigerian government’s Food Security plans are set to receive a significant boost with the country’s annual Trade volume of $9 billion coming from the sales of cowpea and sesame. Doris Uzoka-Anite , the Minister of Industry, Trade, and Investment, revealed this information during a press briefing after the Federal Executive Council meeting led by President Bola Tinubu. The Minister provided an update on the recent initiatives and progress made by her ministry over the past fortnight.
She shared that Nigeria was able to secure significant financial and technical aid from international donors during the 13th Ministerial Conference of the World Trade Organization (WTO) in Abu Dhabi. The country actively engaged in conversations and negotiations regarding various topics such as fishery subsidies, public stockholding, e-commerce moratorium, and international development for developing nations. Nigeria’s participation at the conference proved to be fruitful in terms of support received. WTO’s first aid to the country was focused on shea butter, resulting in a more than 300 percent income boost for women Shea Butter exporters.
Support received will help Nigeria remain competitive.
Also, the aid provided would enabled them to effectively package their products and increase their appeal in the international markets they Export to. Furthermore, there is anticipated additional support forthcoming for Cowpea and sesame. According to her, cowpea holds greater significance for the country as it aligns with President Bola Tinubu’s food Security initiative. Nigeria is anticipated to receive greater backing for cowpea and sesame, which would lead to a rise in exports and potentially attract more investments to the region.
Afterwards, an increase in foreign exchange is expected, with Nigeria alone accounting for over $9 billion in annual trade for both cowpea and sesame. The trade minister reassured that this support will help Nigeria remain competitive against other countries producing these crops. In the past, a significant amount of trade has been lost due to Japan rejecting Nigeria’s Sesame upon arrival. Japan, a major sesame exporter, has consistently found Nigeria’s sesame quality lacking and therefore refused to accept it.
World Bank will support Nigeria in digital training.
Nevertheless, the aid provided will assist Nigeria in overcoming this obstacle, resulting in a boost in incoming funds. This will lead to the creation of more jobs as individuals return to agriculture, bringing joy as they produce goods in demand by consumers. Additionally, she emphasized the satisfaction that comes from engaging in work that meets people’s needs and is being purchased by consumers. The minister also highlighted that Nigeria is receiving assistance for digital training from the World Bank.
In a collaboration with the World Trade Organization, the World Bank would provide Nigeria’s digital trade sector with a boost. This initiative entails providing support for hardware such as fibre optic connectivity, software platforms, and more. The aim is to enhance e-commerce trading opportunities for Micro, Small, and Medium Enterprises (MSMEs). As the future of trade continues to evolve towards digital platforms, it is crucial for our MSMEs, manufacturers, and entrepreneurs to increase sales through e-commerce channels.
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According to her, this will expand their scope and market reach while also boosting productivity. The Minister further revealed that the Ministry of Industry, Trade, and Investment will enhance its trade intelligence unit with substantial support from international donors to increase its activities. Based on the supports received from the World Trade Organisation’s 13th Ministerial Conference (MC13), it is safe to say that Nigeria’s participation at the event all turned out to yield positive outcomes for the country.