Nigeria: Doha Talks Affecting Economy - Soludo
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This Day (Lagos)
25 July 2008
Posted to the web 25 July 2008
Chinwe Ochu
Abuja
Governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, has said the delay in the Doha talks is adversely affecting economic advancement of countries in Sub- Saharan Africa, including Nigeria.
Soludo said, "the United Nations Conference on Trade and Development(UNCTAD) and the World Trade Organisation (WTO) need to work hard collaboratively to finish the Doha Round. With the Doha Round literally hung, the prospect of Africa moving forward is also being hampered."
According to him, the issue of agricultural subsidy needs to be concluded, so that local farmers can earn much from their produce by exporting them to affluent countries, since "poverty is predominantly in the agricultural sector. We need to get to the end of that. We need to irrigate, we need to build again, manufacture, produce and so on. But then, we will have the capacity if we get our acts together, so that those poor farmers can be talking about poverty in Africa without linking that to the fact that poverty is predominantly in the agricultural sector. So that what they produce, they can earn far much higher income by exporting to Europe, America and ther countries."
Soludo said this at the presentation of UNCTAD's Investment Policy Review of Nigeria to major stakeholders and the government in Abuja, yesterday. As regards the report, he said "it should be taken seriously, as it will constitute our investment policy requirements," adding that the review approved by the UN should feature prominently in Nigeria's National Policy Dialogue.
Responding, Executive Secretary, National Investment Promotion Commission (NIPC), Engineer Mustafa Bello, reiterated commitment of the Commission to make investors comfortable in Nigeria.
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He commended the investment review presented by UNCTAD and expressed his desire to work with the UN to achieve the recommendations made for the nation's good.
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