Vice President of Nigeria, Professor Yemi Osinbajo, SAN, has intimated Nigerians that the present happenings in the economy of the world, the changes in climate and the Ukraine-Russain war, have all presented opportunities for the developing countries to create a closer partnership with other countries, especially in the areas of trade.
VP Osinbajo disclosed this on Tuesday in Abuja while receiving Nigerian-born Secretary General of the D-8 Organization, Ambassador Isiaka A. Imam at the Presidential Villa.
Nigeria, alongside 8 other developing countries which are Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan and Turkey, are all members of the D-8 – an organization which is established for cooperative development of the 8 developing countries.
Prof Osinbajo who spoke on the needs for developing countries to have closer ties amongst themselves noted that: “this is a very important time for member countries to really focus on the critical issues – trade and energy. But trade in particular, there is a need for greater trade engagements.”
He also added that “what we all really need to do is to look at how to use Nigeria as a point where you take off from to the AfCTA and some kind of entry way into the AfCTA.
“We think that Nigeria will be able to coordinate the trade routes and opportunities within the AfCTA. For instance, we are very prominent already in banking services all over Africa. I think that is one of the many important areas that we must look at.”
As a recommendation, Prof Osinbajo said that “one of the easiest ways of expanding trade routes is really from the services perspective, especially financial services. And I see that the D-8 is trying to build a payment system. I think that this is one area that we can, very quickly, move things along. This is one of the areas you may be looking at, especially engaging Nigerian banks to see in which ways they can function within the AfCTA and all our partners and member countries of the D-8.”
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