Don Assesses Impact of WTO on Countries in Sub-Sahara

By Omolabake Fasogbon

A Professor of Marketing & Entrepreneurship at Nnamdi Azikiwe University Business School, Nnamdi O. Madichie, has reviewed the economic reforms of present leadership of the World Trade Organisation, WTO and weighed their impact on sub Saharan African (SSA) countries.

The expert described the reforms as long overdue in the interest of SSA, which according to him were before now not favourable to the region.

While engaging the media recently, Madichie further charged the Director General of WTO, Ngozi Okonjo Iweala to strengthen efforts towards justifying and enhancing Africa’s engagement with the global trade body.

According to him, some of the latest developments at WTO were a manifestation of his predictions some 20 years ago which he documented in an academic journal.

The don had in the journal called for a reform of the WTO, the absence of which he suggested that all the 46 countries under SSA, including Nigeria, to back out of WTO.

In the journal, he gave his reasons as to why SSA countries should consider opting out, saying, “the nature of WTO rules are unclear and lopsided. Second, the reach of these rules do not seem to increase trade for Africa. Third, the conditions of market access, that collectively determine the quality and utility of the WTO for its members remain work-in-progress.”

As a way out, Madichie in the journal suggested a reinvigorated south-south co-operation as well as SSA regional trading arrangements as a viable alternatives.

He however expressed fulfillment and optimism on the changes been effected by the global trade regulatory body.

He specifically commended the WTO DG for taking a bold and long over due step, especially by engaging the Action Union,AU; African Development Bank, AFDB and African Continental Free Trade Area ,AfCFTA.

He stated further that signing unto ACFTA has further increased Africa’s chance in WTO and yet, catapulted a deeper engagement with Africa under the banner of the Commonwealth as a potential lock-in institutions.

“This will enable African countries to begin to walk the talk on matters of global relevance be it regionalism or multilateralism”, he said.