World Trade Organisation (WTO) Director-General Ngozi Okonjo-Iweala has called on African nations, including Nigeria, to prioritise adding value to their products as a means of boosting trade within the continent and expanding exports globally.
In an interview with Arise News at the World Economic Forum in Davos, Okonjo-Iweala highlighted Africa’s heavy reliance on raw materials, noting that nearly 60 per cent of exports to other regions remain unprocessed.
Intra-African trade, she added, currently accounted for just 15 to 20 percent of total continental commerce, underscoring the urgent need for industrialisation and value addition.
“We need to add value to our products, even for the intra-Africa market.
“We are trading mostly commodities and raw materials. African leaders are recognising this and taking steps, but we need to accelerate these efforts.
”Value addition will allow us to trade diverse products with each other, ” she said.
Okonjo-Iweala identified key sectors where Nigeria could establish a competitive edge, including textiles and apparel, digital pharmaceuticals, and digitally delivered services.
She praised the contributions of African women and youth in these sectors, noting their innovative potential.
“I’m very excited that Nigeria might be able to take over the African market in textiles and apparel, because we have powerful people in fashion.
“If we scale these industries, we can capture the African market. Digital trade and services also offer huge opportunities, and our young people are already excelling, ” she said.
Addressing concerns over global trade disruptions, the WTO chief rejected the view that multilateralism has ended.
She acknowledged challenges but emphasised the resilience of the trading system.
“Almost three quarters of world trade is still operating on WTO terms.
“There are opportunities for Africa and Nigeria, especially as businesses seek to diversify supply chains and reduce over-dependence on specific countries, ” she said.
Okonjo-Iweala pointed to Nigeria’s large market of over 220 million people and a growing middle class as a major draw for global investors.
She urged African governments to proactively leverage their comparative advantages in pharmaceuticals, agro-processing, textiles, and other sectors.
“This is our time, but success will not fall into our laps. We have to work for it,” she said, emphasising the need for strategic planning, investment in value addition, and industrial scaling to maximise Africa’s trade potential.
