Yemi Osinbajo, vice president, stated yesterday that the current global issues, like as the energy crisis, climate change, and the conflict in Ukraine, have given developing nations an opportunity to reorient their trade and energy goals in favor of their peoples.
The Secretary General of the D-8 Organization, Ambassador Isiaka A. Imam, who was born in Nigeria, was present when the Vice President spoke in his office at the Presidential Villa in Abuja.
Nigeria is a member of the D-8, a grouping of eight developing nations, including Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan, and Turkey, that promotes development cooperation.
Osinbajo added, “This is a very significant time for member countries to truly focus on the fundamental concerns – trade and energy,” when discussing the necessity for closer links among emerging nations like those in the D-8. But there is a need for more trade engagements, specifically.
The D-8 nations’ commerce with Nigeria has huge potential, he said, adding that “what we all really need to do is look at how to use Nigeria as a place where you take off from the AfCTA and some type of entry way into the AfCTA.
In a statement from the Vice President’s office, Mr. Laolu Akande, Senior Special Assistant to the President on Media and Publicity, said, “We think that Nigeria would be able to coordinate the trade channels and opportunities inside the AfCTA. For instance, we are already fairly well-known throughout Africa for our financial services. That, in my opinion, is one of the many crucial areas that we should investigate.
According to the vice president, “from a services viewpoint, especially financial services, one of the simplest ways to increase trade routes is truly. Additionally, I can see that the D-8 is attempting to develop a payment mechanism. I believe that this is one area where we can advance things very quickly. This is one of the areas you would be interested in, particularly with Nigerian banks to see how they might work with the AfCTA and all of our partners and D-8 member nations.
The VP asked the D-8 to support Nigeria’s demand for a just transition to net zero, stressing that “we are at a position where we are disputing over the role of gas in this whole transition to net zero.” Whether we can replace gas with more renewable energy sources, as is being suggested by the wealthier nations. Naturally, we disagree and insist that we must keep using gas.
