Director-General of the WTO, Dr Ngozi Okonjo-Iweala, has congratulated President Tinubu’s administration for achieving economic stability, calling it a crucial foundation for future progress.
“The President and his team have worked hard to stabilize the economy. You cannot really improve an economy unless it is stable. He has to be given the credit for the stability of the economy. The reforms have been in the right direction.”Urgent Need for Support Amid Reforms
While acknowledging reforms such as the petrol subsidy removal and unified forex windows, she emphasised that the next phase must centre on growth paired with social protection, especially for those most affected by economic shifts.
“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.”She posed the critical question:
“How do we build social safety nets to help Nigerians cushion the hardship they’re feeling? And then how do we grow the economy so we can create more jobs and put more money in people’s pockets? These are issues we discussed with Mr. President.”Empowering Women Through Digital Entrepreneurship
Beyond her fiscal recommendations, Okonjo-Iweala unveiled an initiative aimed at empowering women entrepreneurs in the digital economy. The Women Exporters Fund, managed by the WTO and International Trade Centre, secured support from Nigeria and selected 146 women to benefit.
“This is just the beginning,” she said, noting that Nigeria was one of only four countries chosen globally. Beneficiaries include 16 business owners slated for an 18-month capacity-building “booster track,” while another 100 will receive $5 000 and year-long business support.Broader Context & Insights
• Reform as Starting Point: Achieving macroeconomic stability allowed for reforms. The challenge now lies in translating stability into sustained growth and inclusion.
• Balancing Act: Okonjo-Iweala’s message underscores a balance between structural reforms and human-centred solutions—she stresses that growth must be inclusive and carry tangible benefits for ordinary Nigerians.
• Targeted Interventions Matter: The Women Exporters Fund shines a light on digital economy opportunities and can inspire broader efforts to help women-led enterprises thrive amid economic turbulence.
• International Validation: As WTO DG, her counsel to align growth with welfare reflects a perspective grounded in global development standards, lending credibility and urgency to the call for safety nets.
Summary of Key Points
• Okonjo-Iweala credits Tinubu with stabilizing Nigeria’s economy but urges the launch of social safety mechanisms.
• She advocates pairing reform with relief to protect vulnerable populations.
• The Women Exporters Fund is introduced as a pragmatic step toward empowering female entrepreneurs.
• Her intervention provides global validation for equitable, sustainable economic reforms in Nigeria.
