The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged the Federal Government to establish social safety nets for poor Nigerians struggling under President Bola Tinubu’s economic reforms.
Speaking on Thursday after meeting the president at Aso Villa in Abuja, Okonjo-Iweala praised the administration for removing the petrol subsidy and unifying foreign exchange windows, describing the reforms as steps in the right direction. However, she emphasised that the government must provide support systems to help the poorest citizens manage the hardship caused by these policies.
“We believe the President and his team have worked hard to stabilise the economy, and stability is the foundation for growth. The next priority is to expand the economy and put in place social safety nets so those feeling the pinch of reforms can cope with the hardship,” she told journalists.
Since taking office in May 2023, Tinubu has launched sweeping economic measures that have drawn strong criticism. Many Nigerians blame soaring food prices and the rising cost of living on the petrol subsidy removal and the foreign exchange unification policy. Public discontent has sparked several demonstrations, including the #EndBadGovernance hunger protests of August 2024.
The meeting between Tinubu and Okonjo-Iweala came just two weeks before her first term as WTO Director-General ends on August 31, 2025, with her second term beginning the following day. She made history in 2021 as the first African and the first woman to lead the 164-member organisation.
Accompanied by Trade Minister Jumoke Oduwole, Okonjo-Iweala also briefed the president on the Women’s Exporters’ Fund for the digital economy, launched earlier in the day with support from the First Lady. The WTO and the International Trade Centre jointly manage the fund, which aims to empower Nigerian women, create jobs, and strengthen their role in the economy.
“Nigeria competed successfully to become one of only four countries chosen globally for this initiative,” she revealed. “Out of 67,000 Nigerian applicants, 146 women won funding. Sixteen of them, on the Booster Track, will scale up existing businesses with 18 months of technical and business support. Another 100 will receive $5,000 each to start or grow their ventures over a 12-month period.”