WTO DG: I am honoured, says Okonjo-Iweala, on selection – Newstrends
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WTO DG: I am honoured, says Okonjo-Iweala, on selection

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  • Buhari, Atiku, others congratulate Okonjo-Iweala

Ngozi Okonjo-Iweala, the first female director-general of the World Trade Organisation (WTO), says she is honoured to have been selected as the one to lead the WTO.

“I am honoured to have been selected by WTO members as WTO Director-General,” Okonjo-Iweala said on Monday afternoon.

“A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the COVID-19 pandemic. I look forward to working with members to shape and implement the policy responses we need to get the global economy going again.

“Our organization faces a great many challenges but working together we can collectively make the WTO stronger, more agile and better adapted to the realities of today.”

Okonjo-Iweala was appointed the DG on Monday after months of uncertainty at the trade body.

The WTO thanked the former minister for her graciousness and patience through the selection process.

“This is a very significant moment for the WTO. On behalf of the General Council, I extend our warmest congratulations to Dr Ngozi Okonjo-Iweala on her appointment as the WTO’s next Director-General and formally welcome her to this General Council meeting,” said David Walker, the General Council chair, said.

“Dr Ngozi, on behalf of all members I wish to sincerely thank you for your graciousness in these exceptional months, and for your patience.

“We look forward to collaborating closely with you, Dr Ngozi, and I am certain that all members will work with you constructively during your tenure as Director-General to shape the future of this organization,” he added.

Walker, who is from New Zealand worked together with co-facilitators Dacio Castillo (Honduras) and Harald Aspelund (Iceland) through the nine-month DG selection process.

Meanwhile, President Muhammadu Buhari has felicitated with Okonjo-Iweala, on her selection as WTO DG, bringing joy and more honour to the country.

The President says her track record of integrity, diligence and passion for development will continue to yield positive results and rewards to mankind.

Buhari affirmed that Okonjo-Iweala, who over the years set major records of economic reforms in Nigeria as Minister of Finance, and later Minister of Foreign Affairs, would excel in her new position and validate the global mandate of repositioning and strengthening the multilateral institution for the greater good of all.

The President joined family, friends and colleagues in wishing Dr Okonjo-Iweala well in her new endeavour.

 

Atiku Abubakar

Dr (Mrs) Ngozi Okonjo Iweala is a woman I know very well, because we worked at close quarters between 2003 and 2007, when she served in our administration in various capacities, most notably as finance minister.

It is not hyperbole when I say that no one could be more qualified for the job of Director General of the World Trade Organisation than her, and I congratulate her for her success at being the first female and African DG of the WTO.

She is an apostle of free trade and an astute manager of people and resources, and the world will be a much more prosperous place by her elevation to this enviable height.

As the world prepares to emerge from the global pandemic of COVID19, the planet needs a steady hand at the wheel, to drive global trade, and rebuild from the devastation wrought by the virus. We would not need someone who thinks they can pull this off. We would need someone who has actually and serially pulled it off before. And that person has emerged.

Ngozi, Africa and Nigeria are proud of you and my family and I are full of joy at your victory. Go to Geneva and make us proud, as we know you will.

Congratulations once again and may God bless your tenure.

 

President, European Central Bank – Christine Lagarde

Congratulations to my friend Ngozi Okonjo-Iweala on becoming the first female Director-General of the @wto.

I’ve known Ngozi for many years. Her strong will and determination will drive her to tirelessly promote free trade to the benefit of people worldwide.

 

 

As she prepares to lead the World Trade Organization (WTO), I congratulate Dr. Ngozi Okonjo-Iweala on her emergence as the next Director General.

I wish @NOIweala all the best in this new assignment, and hope that her tenure at the helm of the WTO helps to address some of the barriers that limit trade in Africa and other developing countries.

Bukola Saraki

I heartily rejoice with Dr Ngozi Okonjo-Iweala on her emergence as the first African and first female Director-General of the World Trade Organization (WTO).

I also congratulate Nigeria on the latest feat of its great daughter on the international stage and applaud President Muhammadu Buhari, whose unwavering commitment contributed to the acknowledgement of the sterling credentials of her and her ultimate triumph for the position.

Senate President Ahmad Lawan

With her latest feat, the former Nigerian Minister of Finance and Managing Director of the World Bank has again brought honour to Nigeria, Africa and women everywhere.

I pray for Almighty God to imbue her with good health and wisdom to succeed in the task just as I urge her to deploy her famed intellect, experience, energy and integrity in leading the WTO to promote global prosperity through fair trade.

Delta State Governor Ifeanyi Okowa

On behalf of all Deltans, I join all Nigerians in congratulating one of our most renowned citizens, Ngozi Okonjo Iweala, on her emergence as the next Director-General of the World Trade Organisation.

Over the years, we have all followed your growth and celebrated your noteworthy achievements. This is why, as you begin your new role at the helm of the WTO, I want you to know that you have the unwavering support of both your home state and your country!

Peter Obi

Dr (Mrs) Ngozi Okonjo-Iweala @NOIweala has always been a shinning star, not just in our country Nigeria, but across the world where her leadership impact has been felt.

Her appointment for this lofty position as DG @WTO has not come as a surprise to those of us who know her well. I am definitely sure she will perform creditably in her new assignment.

PDP

The party describes her emergence as victory for competence, global due process and consensus needed to pilot the activities of the world trade body, especially at this critical period in the history of the world’s economy.

The @OfficialPDPNig notes that the development has again brought honour to our nation adding that it is proud of Okonjo-Iweala as a product of the PDP administration, whose excellence as Nigeria’s minister of finance, under whom Nigeria achieved our debt relief and revamped to become one of the fastest growing economies of the world.

 

The party also recalled Dr. Okonjo-Iweala’s success as the Managing Director of the World Bank, where she also displayed her capacity to effectively handle global economy’s issues.

The @OfficialPDPNig commends international stakeholders, including President @JoeBiden-led United States Government for the strong support given to Okonjo-Iweala, which points to the commitment of all stakeholders towards global consensus and economic recovery.

The @OfficialPDPNig restates its charge to the new @wto Director General to redouble her effort in bringing to bear her wealth of experience and competence to the world body.

Reps Minority Caucus: Appointment reinforces global confidence in her

Minority Caucus of the House of Representatives has congratulated former Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, over her final confirmation as the Director General of the World Trade Organization (WTO).

The caucus in a statement by the Minority Leader, Hon. Ndudi Elumelu, on Monday, observed that the emergence of Okonjo-Iweala as DG of the world trade body in spite of all the opposing huddles, “has reinforced global confidence in her competence and proficiency to head the world body”.

He said, “Indeed, the election of Dr. Okonjo-Iweala to head the WTO is well-deserving, given her huge experience, competence, commitment and track record of performance in global finance and economy as evinced in her successes as Nigeria’s minister of finance, Managing Director of the World Bank and various other international development bodies.

“We commend the global community for having confidence in Dr. Okonjo Iweala and particularly, the United States President, His Excellency Joe Biden, for the unwavering support given to her by his administration, which is clearly in recognition of Dr. Okonjo-Iweala’s competence.

“In the same vein our caucus commends the understanding and spirit of sportsmanship exhibited by the South Korean trade minister, Yoo Myung-hee in withdrawing from the race; another loud testament to Dr. Okonjo-Iweala’s suitability for the task ahead.”

The lawmakers charged Dr. Okonjo Iweala to, as usual, hit the ground running and bring to bear her skills, connections and wealth of experience in the onerous task of leading the WTO at this trying period in the history of global economy.

The caucus however urged the new WTO DG to have a special focus on Africa and the developing world, particularly at this time of economic recession, which has been worsened by the adverse effect of the COVID-19 pandemic.

 

Aviation

Safety: NCAA to audit all domestic airlines, says Aviation minister

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Safety: NCAA to audit all domestic airlines, says Aviation minister

Minister of Aviation and Aerospace Development, Festus Keyamo, has said the Nigerian Civil Aviation Authority (NCAA) will carry out a comprehensive audit on all local airlines over safety concerns.

This is coming after a runway incursion incident in which Dana Air’s plane carrying 83 passengers with six crew members skidded the runway at the Lagos airport leading to diversion of flights

The operations of Dana Air were immediately suspended and NCAA directed to commence a comprehensive audit on the airline.

Keyamo spoke on the general audit of all domestic airlines on Thursday when he appeared on Channels TV Politics Today programme.
He said beyond the suspension of Dana Airlines and the ongoing audit of the airline, all other carriers in the country would be audited to guarantee the safety of passengers and the health of the civil aviation industry.

The directive to suspend the operations of the Dana Air was contained in a letter issued and endorsed by the NCAA Acting Director General, Chris Najomo, in Abuja.

It is the second time within two years that the NCAA would suspend the airline’s operational licence over safety violations.

It said the latest action was based on “elevated safety concerns” posed by the airline.

“As a precautionary step, and in accordance with Sec 31 (7) of the Civil Aviation Act 2022, the Authority has imposed a suspension on your Air Operator Certificate (AOC) with effect from 24″ April, 2024 at 23:59 to allow for a thorough safety and economic audit,” the letter partly read.

The NCAA also stated, “The safety audit will entail a re-inspection of your organisation, procedures, personnel, and aircraft as specified by Part 1.3.3.3 of the Nigeria Civil Aviation Regulations, while the economic audit will critically examine the financial health of your airline to guarantee its capability to sustain safe flight operations.”

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Anxiety as dollar exchanges for N1,420/$ on parallel market

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Anxiety as dollar exchanges for N1,420/$ on parallel market

There are fears prices of essential goods including food items in Nigeria may begin to rise again as naira witnessed a major slide against the United States dollar at the foreign exchange market on Thursday.

The naira fell to N1,309/$ on the official market and N1,420 on the parallel market, according to multiple sources.

This indicates a fall of N90 or 6.8 per cent from N1,330 recorded on Wednesday.

The latest downward trend in naira rate after recording appreciable gain for some weeks followed high demand for dollars.

A report by The Punch quoted currency traders at the popular Wuse Zone 4 market in Abuja as buying the greenback note at N1,340 and selling at N1,420, leaving a profit margin of N80.

In Lagos, a trader Ibrahim Garba told Newstrends that the naira-dollar rate changes almost hourly.

“It was selling at N1,380/$ at 11am today (on Thursday) and by 2pm, it had moved to N1,400/$,” he said.

The naira has this lost 26.2 per cent in two weeks when compared to N1,125/$ on April 12, 2023 on the parallel market.

The Central Bank of Nigeria on Monday approved the allocation of $15.83 million to 1,583 BDC operators.

This was aimed at enhancing liquidity in the unofficial market.

The CBN in a letter to BDCs announced the allocation of $10,000 to operators across the country.

The allocation came at N1,021)$, aimed at stabilsing the foreign exchange market and ensuring accessibility of foreign currency to eligible end users.

Last weekend, the CBN Governor, Yemi Cardoso, said the Naira was declared the best-performing currency globally as of April 2024.

The naira was about the worst currency in March when it fell to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market

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BDCs blame peer-to-peer Binance, others for naira  fall

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BDCs blame peer-to-peer Binance, others for naira  fall

The president of the Association of Bureau De Change Operators of Nigeria, BDCs, Aminu Gwadabe, says BDC operators are committed to preventing speculators from attacking the naira.

Mr. Gwadabe said this in an interview on Wednesday in Abuja.

The Association of Bureau De Change Operators of Nigeria, as a self-regulatory body, has platforms to check the excesses of BDC operators, he noted.

“We have inaugurated state chapters whereby we can have a database of participants in the forex market. This is for the Financial Action Task Force (FATF) to understand this market and to know the participants; give them a simple registration,” he said.

Mr. Gwadabe said that the foreign exchange market needed a kind of harmonisation, centralization, and KYC to identify all business participants.

“This will enable the CBN to track other players in the market other than the BDCs and their levels of involvement. The BDCs is collaborating with the regulatory authorities for physical verification of offices using technology.

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“We want to balance international obligations with our own objectives. International obligations are templates that have been built without our input. We are coming up with our own template to balance it. We have seen some illegal economic behaviour, and the CBN and the security agencies are aware, and I am sure they will nip it in the bud,’’ he added.

He said the recent wave of naira depreciation was of concern to the BDC operators.

Mr. Gwadabe explained, “I am happy that the authorities, and even the BDCs as operators, have identified the peer-to-peer (P2P) platform. P2P is a platform like Binance where speculators use the dollar to buy USDT, a stablecoin that is pegged at one to the dollar.

“As long as Binance and such other platforms continue to be profitable, the naira will continue to depreciate. There are many of them in the system. Binance has been nipped in the bud, but there are still many. They are online platforms with no registration or restrictions.”

Mr. Gwadabe said that the CBN and the security agencies were already aware of the antics of the platforms. According to him, they are more of an illegal form of economic behaviour, and the people behind them lack patriotism.

“People have turned the dollar into an asset—a commodity of trade—which is why those platforms continue to thrive. We have seen where people are buying dollars into their domiciliary accounts to finance these schemes. A lot of millions of dollars are going out of the system. It is one USD to one USDT. The market can be liquid.

“Binance alone has four billion dollars of liquidity and more than two million transactions. Most of them source money to finance their transactions on the open market, and that is one of the reasons why the naira is depreciating,’’ he said.

BDCs blame peer-to-peer Binance, others for naira  fall

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