Okonjo-Iweala Unveils Root Cause Of Nigeria’s Agricultural Exports Decline

Okonjo-Iweala Unveils Root Cause Of Nigeria’s Agricultural Exports Decline

Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), has attributed Nigeria’s steep decline in agricultural exports to the country’s shift towards prioritizing petroleum exploitation over agricultural production…….READ ALSO Okonjo-Iweala Urges FG To Rescue Abducted Kaduna And Sokoto Students

During the introduction of a $1.2 million plan aimed at enhancing Nigeria’s sesame and cowpea products for international trade, the former Minister of Finance highlighted Nigeria’s historical success as a major exporter of agricultural products such as palm kernel, groundnuts, palm oil, cotton, and cocoa.

However, she pointed out that Nigeria’s status as a net importer of many agricultural goods has led to significant financial outflows, with the country spending billions annually on imports that could be domestically produced.

Okonjo-Iweala underscored that Nigeria’s agricultural exports dwindled as the economy increasingly focused on petroleum exploitation, leading to a sharp decline in the country’s share of global agricultural exports.

She emphasized that Nigeria’s unexploited potential in international trade is hindered by supply-side issues, which the newly introduced project seeks to address.

Furthermore, Okonjo-Iweala highlighted Nigeria’s substantial role in global cowpea and sesame production and exportation but noted that exports encounter challenges in meeting Standard Phytosanitary Measures (SPS) requirements.