Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has called on the Nigerian government to urgently implement social safety nets to cushion the impact of economic reforms on poor and vulnerable citizens.
Speaking to journalists on Thursday after a meeting with President Bola Tinubu at the Aso Villa in Abuja, Okonjo-Iweala commended the administration for its efforts to stabilize the economy, particularly through the removal of petrol subsidies and the unification of foreign exchange rates.
However, she emphasized that growth must now follow stability and that ordinary Nigerians need immediate relief.
“You cannot really improve an economy unless it is stable. The President and his team have worked hard on that. But the next step is growth and social safety nets for those who are feeling the pinch of reforms,” she said.
Since Tinubu took office in May 2023, the nation has witnessed steep rises in inflation, food prices, and cost of living.
The fuel subsidy removal and forex reforms, although praised by international observers, have triggered widespread hardship.
In August 2024, public frustration boiled over into #EndBadGovernance protests, with demonstrations in major cities like Lagos demanding economic relief for struggling Nigerians.
During her visit, Okonjo-Iweala also briefed the president on the launch of the Women’s Exporters’ Fund for the Digital Economy, a collaborative effort between the WTO and the International Trade Centre (ITC).
Nigeria is one of four countries globally selected for the pilot rollout of the initiative.
“We had over 67,000 Nigerian women apply. Out of these, 146 women were selected to receive direct financial support,” she announced.
- 16 entrepreneurs under the Booster Track will receive up to $30,000 and 18 months of technical support to scale existing businesses.
- 130 women under the Discovery Track will each receive $5,000 along with one year of mentorship and training.
Okonjo-Iweala noted that the program was developed with the support of Nigeria’s First Lady and is part of a broader social safety net strategy aimed at empowering women economically.
The visit came just weeks before the WTO chief begins her second term on September 1, 2025, after making history in 2021 as the first African and first female Director-General of the 164-member global trade body.
She was accompanied by Nigeria’s Trade Minister Jumoke Oduwole during the meeting.
