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‘Nigeria, developing countries at risk of deglobalisation’ | The Guardian Nigeria News - Nigeria and World News

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Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has reiterated the call for “re-globalisation,” saying deglobalisation poses an enormous risk to developing countries, including Nigeria.

•Okonjo-Iweala urges business leaders to push for ‘re-globalisation’, trade reforms

According to the country’s ex-minister of finance, rising geopolitical tensions, the COVID-19 pandemic, ongoing war in East Europe, climate shocks and the resulting disruptions to trade have spiked concerns about whether the multilateral trading system still works. “The future of trade is services, its digital, it’s green and it has to be inclusive,” Okonjo-Iweala said.

“Greater diversification would make it harder to weaponise interdependencies. This holds for critical minerals as well. Many rare minerals are not so rare, but we need technological innovation so that the developing countries where they are found can extract and process them in cleaner ways.”

 

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