By Jemimah Wellington, JKNewsMedia Correspondent
THE DIRECTOR-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has urged the Federal Government to introduce social safety nets to support vulnerable Nigerians facing economic hardship from ongoing reforms.
Speaking to journalists on Thursday after a meeting with President Bola Tinubu at the Presidential Villa in Abuja, Okonjo-Iweala commended the administration’s policy measures, including the removal of petrol subsidies and the unification of foreign exchange windows.
She emphasised that while the reforms had stabilised the economy, measures were needed to ease the burden on citizens struggling with higher costs of living.
“We think that the President and his team have worked hard to stabilise 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,” she said.
“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 supports to weather the hardship. That’s the next step.”
Tinubu, who introduced sweeping economic measures after assuming office in May 2023, has faced criticism over the resulting inflation and rising cost of living.
Many Nigerians have linked the increases in food and fuel prices to the end of the petrol subsidy and currency policy changes.
Thursday’s meeting came less than three weeks before the end of Okonjo-Iweala’s first term as WTO head on 31 August 2025, ahead of the start of her second term on 1 September.
She became the first African and the first woman to lead the 164-member global trade body when she assumed the role in 2021.
Accompanied by Nigeria’s Trade Minister, Jumoke Oduwole, Okonjo-Iweala also briefed the president on progress in the Women’s Exporters’ Fund for the digital economy.
She said the initiative, jointly managed by the WTO and the International Trade Centre (ITC), aims to help Nigerian women entrepreneurs navigate economic challenges and create sustainable jobs.
“We came to brief him about something very joyful that we did today with the help of the First Lady,” she explained. “We launched a Women’s Exporters’ Fund for the digital economy.
“This is a fund that supports women to weather the storms of the economy and create jobs for themselves.
It is part of the thinking of social safety net and what we can do to support Nigerian women to contribute more to the economy and to themselves.”
According to the WTO chief, Nigeria was one of four countries selected globally for the initiative.
A total of 67,000 Nigerian women applied, with 146 winners set to receive direct financial disbursements.
Sixteen recipients, identified under the Booster Track for scaling existing businesses, will receive 18 months of technical and business support from the WTO and ITC.
Another 100 winners will each receive $5,000 to launch or strengthen enterprises, with a 12-month support period.
Okonjo-Iweala said the fund reflected broader strategies to integrate social protection into economic reform policies, ensuring that growth efforts are inclusive and sustainable.
