WTO Director-General Commends Tinubu’s Economic Reforms, Calls for Social Safety Nets

ABUJA — Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has praised President Bola Ahmed Tinubu’s administration for its economic reforms, stating they have successfully stabilized Nigeria’s economy and are moving in the right direction. The former Nigerian Minister of Finance made these remarks on Thursday after a meeting with the President at the State House in Abuja.

“You cannot really improve an economy unless it’s stable,” Okonjo-Iweala told journalists, “so he has to be given the credit for the stability of the economy. The reforms have been in the right direction.”

However, she emphasized that the next crucial step for the administration is to focus on growth and establish social safety nets to help Nigerians cope with the ongoing hardships. Okonjo-Iweala’s visit comes amid a period of economic uncertainty, with a significant rise in inflation and a depreciating naira following the removal of the petrol subsidy and the unification of exchange rates. While these reforms are intended to attract investment and foster long-term growth, they have also put a strain on many households.

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During her visit, Okonjo-Iweala briefed the President on a new WTO initiative: the Women Exporters Fund for the Digital Economy. Nigeria was one of four countries selected globally to participate in this fund, which aims to support women entrepreneurs. The initiative, launched with the help of the First Lady, will disburse funds directly to 146 Nigerian women, with 16 of them receiving additional technical and business support for 18 months to scale up their existing businesses. Another 100 will receive $5,000 to start or strengthen their ventures.

This fund, jointly managed by the WTO and the International Trade Centre, is designed to empower women, create jobs, and contribute to the national economy, aligning with the administration’s broader goals of poverty reduction and job creation