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WTO JOB: Nigeria Reaches Out To US, South Korea

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Following the United States opposition to Nigeria’s former minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala, heading the World Trade Organization (WTO), the Nigerian government has reached out to the US to persuade them to back the 66-year-old.

Nigeria’s Federal Ministry of Industry Trade and Investment, on Friday, said it had also reached out to South Korea.

Okonjo-Iweala and South Korean trade minister, Yoo Myung-hee, are the remaining candidates for the WTO top job. The United States has officially backed Myung-hee, the only nation out of the 164 members of the WTO to do so.

The United States’ stand came hours after a high-powered WTO panel had recommended Okonjo-Iweala to lead the global trade watchdog, teeing her up to become its first African and first woman head.

“Nigeria is currently reaching out to all members of the WTO including the United States and South Korea to overcome the impasse as well as persuade the United States to join the consensus,” the trade ministry said in a statement.

A person involved in the leadership race cast doubt on Nigeria’s plans to bring pressure to bear on Washington, however.

“They can push in the sense that they can get on the phone, try to mobilise support, but is that going to change the view in Washington? I think not,” the person, who declined to be named because of the sensitivity of the matter, told Reuters.

The ministry said the WTO’s 164 member states were expected to adopt Okonjo-Iweala as the organization’s director-general by consensus, but the United States was the sole country to oppose her, flouting the organisation’s rules.

The U.S. Trade Representative’s office has officially backed the only other remaining candidate, South Korean trade minister Yoo Myung-hee. In a statement, it called her a successful trade negotiator with the skills needed to lead the trade body at a “very difficult time”.

Next steps are uncertain, but a WTO spokesman said there was likely to be “frenzied activity” before a Nov. 9 meeting, less than a week after the U.S. presidential election, to secure the required consensus from all 164 member states for Okonjo-Iweala.

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NC Village Square | The Rising Insecurity in Nigeria

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Nigeria is in a security crisis and too many of these incidents have gone unchecked. Boko Haram and ISWAP terrorists are killing with reckless abandon, and the Nigerian people want an end to the bloodshed.

Watch Sulaiman Aledeh as he discusses the rising insecurity in Nigeria with a Security expert from Abuja, Kabir Adamu and a preventive terrorism expert from the UK, Temitope Olodo.

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NC Village Square | What Attributed To The Resurgence Of Terrorism In Nigeria?

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Boko Haram has risen and returned with damning destruction. Nigeria’s President, Muhammadu Buhari has been asked to sack the nation’s Service Chiefs now, before the nation is plunged into a state it may never recover from. The coming days will tell how serious the Nigerian government is about its own people, their stability and security.

Watch Village Square Africa with Sulaiman Aledeh as he asks a retired commodore, Abimbola Ayuba and African affairs analyst, Lanre Suraj what attributed to the resurgence of terrorism in Nigeria.

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Business Edge | CBN Directs Banks to Close International Monetary Transfer Operators’ Proceeds

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Today on Business Edge, Tolulope Adeleru-Balogun and Tunji Andrews, Financial Analyst and Co-founder Awabah talked about the following and how it affects you and I: 1. Nigeria’s CBN Directs Banks to Close International Monetary Transfer Operators’ (IMTOs) Proceeds 2. Forex Liquidity and the Risks to Nigerian Banks’ Ratings according to Fitch

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