Okonjo-Iweala applauds Entrepreneurship Village on its Silicon Valley Project

Mary Nnah

The Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala has

commended the Entrepreneurship Village Silicon Valley initiative showcased to the world at the Public forum of WTO held September 12 to 15 2023 in Geneva, Switzerland.

In a press release made available to THISDAY, Okonjo-Iweala expressed delight over the  Silicon Valley project currently being built in Nigeria, while she acknowledged and applauded the Executive Governor of Ondo State, Oluwarotimi Akeredolu for attracting such an impact-focused project to his state.

Describing digital trade as the future, she said, “Digitally delivered service is the fastest growing segment of trade growing at eight per cent per year, faster than growth in goods trade and even service trade. 

“I think we are going to see continuous growth in the sector. It is worth about four trillion now out of 31 trillion in total trade that is worth in shipping and we need to support that because it does help SMEs and women.”

The Director-General noted that reaping the opportunities of digital trade requires an adequate ecosystem, starting with good connectivity and encompassing other elements, such as sufficient skills, logistics and payments systems, and an enabling policy framework.

Okonjo-Iweala said climate change has the potential to shift comparative advantages and change the pattern of trade, particularly in sectors like agriculture.

The DG of the WTO commended the initiative and the organisation, she also applauded the Governor of Ondo State, Oluwarotimi Akeredolu for attracting such an impact-focused project to his state. 

In her speech, she spoke about the impact of climate change on global trade and also about digital trade being the fastest-growing trade and the world as it helps both MSMEs and women.

On his part, the President of Africa’s Young Entrepreneurs (A.Y.E), Dr. Summy Smart Francis during his remark appreciated the WTO leadership and the entire team for allowing A.Y.E to showcase the Entrepreneurship Village project to the world.

He noted that the project’s overarching goal is to create an environment where entrepreneurs can learn, grow, and thrive. The project aims to produce resilient and successful entrepreneurs who will play a key role in eradicating poverty, creating jobs, driving economic development, and addressing the many challenges facing Africa.

Explaining the Entrepreneurship Village project as a creative, innovative, technology and business green campus that provides a complete ecosystem for businesses, MSMEs and startups, Francis said it aims to create an enabling environment for learning, leadership, lifestyle, and legacy. 

“The primary objectives of the Entrepreneurship Village also align with the United Nations Sustainable Development Goals and the African Union Agenda 2063. This alignment involves developing human capital, fostering innovation and technology, promoting community development, creating employment, eradicating poverty, and nurturing entrepreneurship. Importantly, it places a special focus on empowering women, persons with disabilities and the fast-growing youth”, he added.

Meanwhile, the WTO Public Forum is a yearly event that brings together people from different backgrounds, such as civil society, government, business, and academia, to discuss and shape the future of global trade.