Nigeria must leverage digital trade, economic diversification to boost int’l trade – Ladan

Former Director General and Chief Executive Officer of the Nigerian Institute of Advanced Legal Studies, and Professor of Regional Economic Integration Law and Practice in Africa, Professor Muhammed Tawfiq Ladan, has urged Nigeria to leverage digital trade and economic diversification to boost its economy.

The charge is coming as the Professor Ngozi Egbuna International Centre for Regional Integration and Trade Research in Nnamdi Azikiwe University, Awka held a hybrid international conference to celebrate Nigeria’s 30 years as a member of the World Trade Organisation (WTO).

Ladan who was the lead paper presenter of the conference said while Nigeria has made efforts to diversify its economy, challenges remain in developing a competitive manufacturing sector due to factors like unreliable electricity, infrastructure deficits, and competition from imports.

He said: “The future prospects for Nigeria in the WTO depend on effectively addressing these challenges and leveraging opportunities for digital trade and economic diversification.

“While Nigeria has made efforts to diversify its economy, challenges remain in developing a competitive manufacturing sector due to factors like unreliable electricity, infrastructure deficits, and competition from imports.

“Nigeria has the potential to diversify its economy beyond oil by investing in sectors like manufacturing, agriculture, and technology. Developing a robust digital economy can create new opportunities for trade, innovation, and job creation.”

He bemoaned the infrastructure deficit in Nigeria, adding that Nigeria has also faced some challenges due to trade policies. He however praised the African Continental Free Trade Area (AfCFTA) for their push to promote intra-trade in Africa.

“Nigeria has faced trade deficits in services and income, highlighting the need to strengthen domestic sectors to reduce reliance on imports. Tapping into digital trade opportunities requires addressing issues like regulatory fragmentation, cybersecurity, and limited access to digital markets for Micro, Small and Medium Enterprises (MSMEs).

“Poor infrastructure, including transportation, power, and communication networks, poses significant obstacles to economic growth and competitiveness. Corruption, weak rule of law, and inconsistent policy implementation hinder investment and private sector development,” he lamented.

Earlier, former Director General of Debt Management Office (DMO), now Professor of Practice, Department of Economics, MIVA Open University, Abuja, Prof Abraham Nwankwo who was also the chairman of the occasion charged the federal government on the need to properly integrate the country into international trade, saying that the twin problems of debt burden and lack of infrastructure were hindering production in many African countries.

On her part, Director of Prof. Ngozi Egbuna Centre for Regional Integration and Trade Research Centre, Prof. Ngozi Egbuna said: “I appreciate the DG WTO, Dr (Mrs.) Ngozi Okonjo Iweala and her Team at the WTO, for adjudging me worthy of this great assignment and responsibility of leading this centre.

“The center is providing our pioneer students with intellectual, technical capacity, which will form the bedrock of professional inputs to bolster African governmental and nongovernmental efforts to realize the African region’s economic integration and trade development through focused capacity building in the Postgraduate and Diploma levels as well as short certificate courses.”