Monday, February 26, 2024
More

    Latest Posts

    NLC protest: Presidency, police issue fresh warnings as 65 groups pull out

    The Presidency again on Sunday warned the Nigeria Labour Congress not to embark on its two-day nationwide protest against the rising cost of living...

    EFCC recovered N60bn in 100 days, says Olukoyede

    The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, says in less than 100 days of his assumption of office, the...

    Forex crisis threatens modular refineries N25bn daily crude input

    Modular refineries in Nigeria are currently facing the threat of shutting down operations following their inability to access foreign exchange for the purchase of...

    Govs, Elumelu, Dangote make Tinubu’s economic advisory panel

    President Bola Tinubu has created an economic advisory committee comprising the federal government, sub-nationals and the private sector. This resulted from talks between the President...

    I’m not running for Nigerian presidency, says Okonjo-Iweala amidst rumour she might quit WTO

    The Director General of the World Trade Organisation, Nigerian-born Ngozi Okonjo-Iweala, says she is not interested in contesting the 2023 presidential election, describing the speculation as “utterly ridiculous and not true.”

    Okonjo-Iweala spoke in reaction to the rumour that she is reportedly mulling the possibility of resigning her WTO job barely seven months into her 4 1/2-year term.

    Rather, she said, “I just got here. I am enjoying what I’m doing. It is a very exciting job and I am trying to have some successes here.”

    According to the Bloomberg News which broke the news, the WTO boss began the year with “a plan to score quick negotiating victories that she said would help reboot the dysfunctional Geneva-based trade body;” but she has fully grasped the frustrating reality of the WTO’s historical inertia.

    The New York-based medium quoted five trade officials in Geneva who declined to be identified.

    This year, Okonjo-Iweala has repeatedly told ambassadors and staff that she could easily walk away from the job, and reminds them she hasn’t bought any furniture for her temporary home in Geneva, the officials said.

    An early departure of the WTO’s top trade official would add yet another layer of chaos to an organization suffering from an existential crisis that may lead governments to conclude the WTO is not a credible forum for addressing their shared challenges, the medium stated.

    Deep divisions and a lack of trust are not new for the WTO, which requires consensus agreement among all 164 members to finalise multilateral accords.

    The WTO’s rigid negotiating structure and disparate interests of its diverse membership have precluded the organisation from delivering anything substantial for the better part of the past decade.

    Last year, Okonjo-Iweala’s predecessor — Roberto Azevedo — cited the lack of progress at the WTO as his primary reason for resigning from the organisation a year before his tenure was scheduled to end.

    Some Geneva trade officials told Bloomberg News that they suspect Okonjo-Iweala wants to run in the 2023 presidential election in her native country of Nigeria.

    Okonjo-Iweala didn’t comment about her threats to resign but denied any interest in running for the Nigerian presidency, calling such speculation “utterly ridiculous and not true” in a statement to Bloomberg News.

    “I just got here. I am enjoying what I’m doing,” she told Bloomberg News in a television interview. “It is a very exciting job and I am trying to have some successes here.

    The true test of Okonjo-Iweala’s leadership will come in November, when she hosts the WTO’s 12th ministerial conference — a gathering of the organisation’s highest decision-making body, Bloomberg states; noting that, to date, WTO members have failed to make significant headway on the three priority areas Okonjo-Iweala identified for potential outcomes at the biennial meeting.

    They are: an agreement to curb harmful fishery subsidies; a pledge to reduce trade-distorting agricultural policies; and
    and a framework to expand global trade in vaccines, therapeutics and diagnostics.

    Latest Posts

    NLC protest: Presidency, police issue fresh warnings as 65 groups pull out

    The Presidency again on Sunday warned the Nigeria Labour Congress not to embark on its two-day nationwide protest against the rising cost of living...

    EFCC recovered N60bn in 100 days, says Olukoyede

    The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, says in less than 100 days of his assumption of office, the...

    Forex crisis threatens modular refineries N25bn daily crude input

    Modular refineries in Nigeria are currently facing the threat of shutting down operations following their inability to access foreign exchange for the purchase of...

    Govs, Elumelu, Dangote make Tinubu’s economic advisory panel

    President Bola Tinubu has created an economic advisory committee comprising the federal government, sub-nationals and the private sector. This resulted from talks between the President...

    Don't Miss

    Wigwe: FG, US begin talks as officials test copter’s wreckage

    The Federal Government on Monday confirmed it had begun talks with the government of United States of America on the ongoing investigation of a...

    FG still paying lecturers with IPPIS —ASUU

    The Academic Staff Union of Universities has said the Federal Government is still using the Integrated Personnel Payroll Information System to pay lecturers salaries. National...

    Minimum wage: Private sector, states fault Labour’s push for N1m

    The organised private sector, Ekiti, Sokoto, and other states have faulted the demand by the Nigeria Labour Congress for N1m minimum wage, stating that...

    I tried playing hard to get – Seun Kuti’s wife Yeide tells her love story

    Nigerian musician Seun Kuti and his Wife Yeide have recounted the origin of their relationship. The couple recently guests on the TVC show Your View,...

    NAFDAC insists on sachet alcohol ban, hoodlums attack officials

    The National Agency for Food and Drug Administration and Control, on Monday, said there was no going back on the ban of the importation,...

    Stay in touch

    To be updated with all the latest news, offers and special announcements.