World Trade Organisation Director-General Dr. Ngozi Okonjo-Iweala has praised President Bola Tinubu’s economic stabilization efforts while urging the government to implement social safety nets for vulnerable Nigerians affected by ongoing reforms.
Speaking to journalists Thursday after a closed-door meeting with the President at the Presidential Villa in Abuja, the WTO chief acknowledged that the Tinubu administration’s reforms are moving in the right direction but emphasized the need to support citizens experiencing hardship from the policy changes.
“We think that the President and his team have worked hard to stabilize the economy. You cannot really improve an economy unless it is stable. So, he has to be given the credit for the stability of the economy. The reforms have been in the right direction,” Okonjo-Iweala stated.
The former Nigerian Finance Minister outlined what she sees as the next phase of the country’s economic development, emphasizing the transition from stabilization to growth.
“What is needed next is growth; we now need to grow the economy and we need to put in social safety nets so that people who are feeling the pinch of the reforms can also have some support to weather the hardship. That’s the next step,” she explained.
Her comments come as Nigeria continues to grapple with the effects of major economic reforms implemented by the Tinubu administration, including the removal of fuel subsidies and foreign exchange market liberalization, which have contributed to increased cost of living for ordinary citizens.
The meeting between Tinubu and Okonjo-Iweala takes place at a significant time, occurring just two weeks before the expiration of her first term as WTO Director-General on August 31, 2025. She is set to commence her second term on September 1, 2025.
Okonjo-Iweala’s balanced assessment reflects the ongoing debate about Nigeria’s economic reforms, acknowledging their necessity for long-term stability while recognizing the immediate challenges they pose for citizens.
The WTO chief’s call for social safety nets aligns with recommendations from various economic experts and international organizations who have advised the Nigerian government to cushion the impact of reforms on vulnerable populations.
