Ladan: Nigeria Must Leverage Digital Trade, Economic Diversification to Boost Int’l Trade

•UNIZIK research centre celebrates Nigeria’s 30 years in WTO

David-Chyddy Eleke in Awka

Former Director General and Chief Executive Officer of Nigerian Institute of Advanced Legal Studies, Professor Muhammed Ladan, has urged Nigerian leaders to leverage digital trade and economic diversification to boost the economy.

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

Ladan, who was the lead paper presenter at the conference, said while Nigeria had made efforts to diversify its economy, challenges remained 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.”

Ladan bemoaned the infrastructure deficit in the country, 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.

The Professor of Regional Economic Integration Law and Practice in Africa stated, “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.”

Earlier, former Director-General of Debt Management Office (DMO), now Professor of Practice, Department of Economics, MIVA Open University, Abuja, Professor 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. Nwankwo said the twin problems of debt burden and lack of infrastructure were hindering production in many African countries.

Director of Professor Ngozi Egbuna Centre for Regional Integration and Trade Research Centre, Prof. Ngozi Egbuna, appreciated 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”.

She said, “The centre 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.”