Russia-Ukraine: Nigeria must concern itself with negotiating solutions to facilitate int’l trade ― NIIA DG

The Director-General, Nigerian Institute of International Affairs (NIIA), Professor Eghosa Osaghae, has stated that Nigeria must concern itself with negotiating solutions to facilitate international trade amidst the effect of the ongoing rubbles between Russia and Ukraine.

The DG, who was ably represented by the Acting Director of Research and Studies of the Institute, Associate Professor Efem Ubi, said this at a conference entitled: “International Trade Negotiation and Investment Course”, held yesterday in Lagos.

Osaghae added that the country should maximize the economic crisis for its own benefits, like attracting foreign direct investments, industrialization etc.

The DG explained that the new international marketplace that was observed forming since Russia’s invasion of Ukraine appeared as a step back in globalization, though bearing some elements of new, private-driven globalization.

Osaghae further explained that the struggling globalization process could change directions and the global economy could become fragmented with ideologically-close countries forming their own economic, trade and investment blocs with separate.

“In light of the implications of the Russia-Ukraine crisis, for instance, in the business of agriculture and food production as well as the rise in energy prices, we must concern ourselves with negotiating solutions to facilitate international trade.

“We must maximize the economic crisis for our own benefits, like attracting foreign direct investments, industrialization etc.

“The new international marketplace that we can observe forming since Russia’s invasion of Ukraine, with a potential long-term confrontation between the West and countries such as Russia and China, may appear as a step back in globalization, though bearing some elements of new, private-driven globalization.

“The struggling globalization process could change directions and the global economy could become fragmented with ideologically-close countries forming their own economic, trade and investment blocs with separate supply chains, including one led by the United States, a European market centred on Germany and France, and one revolving around China that includes the Belt and Road countries.” He said.

Speaking also, The Chairman, Just Rite Group, Ayodele Aderinwale said a country’s ability to attract beneficial and non-exploitative foreign direct investment is hinged on the technical and political capacity of the leadership in international trade and negotiations.

Ayodele, therefore, emphasized the need to train individuals from relevant ministries, departments and agencies and especially the stakeholders on how cooperation and knowledge of international trade can be of immense benefit to Nigeria.

He added that the approach must of necessity be multi-sectoral and hinged on a clear understanding of the multidimensional nature of trade negotiations.

“Your ability to attract beneficial and non-exploitative foreign direct investment is hinged on the technical and political capacity of the leadership in international trade and negotiations.

“To effectively achieve this, there is the need to train individuals from relevant ministries, departments and agencies and especially the stakeholders on how cooperation and knowledge of international trade can be of immense benefit to Nigeria.

“The approach must of necessity be multi-sectoral and hinged on a clear understanding of the multidimensional nature of trade negotiations,” Ayodele said.

YOU SHOULD NOT MISS THESE FROM NIGERIAN TRIBUNE

Buhari Urges MTN For Quality Service, Downward Price Review In Cost Of Data, Other Services

President Muhammadu Buhari Friday at State House Abuja urged the MTN Group to make the available top-of-the-range service to its Nigerian subscribers… Russia-Ukraine: Nigeria must concern itself with negotiating solutions to facilitate int’l trade- NIIA DG

We Have Not Had Water Supply In Months ― Abeokuta Residents

In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state… Russia-Ukraine: Nigeria must concern itself with negotiating solutions to facilitate int’l trade- NIIA DG

Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train

Russia-Ukraine: Nigeria must concern itself with negotiating solutions to facilitate int’l trade- NIIA DG