The Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has called on the federal government to put social safety nets in place for poor Nigerians to cushion the effects of President Bola Tinubu’s economic reforms.
Mrs Okonjo-Iweala stated this on Thursday after a meeting with the president at the Aso Villa in Abuja.
She commended him for his economic reforms, including petrol subsidy removal and the unification of the foreign exchange windows, but pleaded that his government must put social safety nets in place for poor Nigerians to cope with the economic hardship occasioned by these reforms.
“We think that the President and his team has worked hard to stabilised 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.
“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,” the former Nigeria’s Finance Minister stated.
The Nigerian president’s meeting with Mrs Okonjo-Iweala took place two weeks before the expiration of her first term as WTO Director-General on August 31, 2025, and the commencement of her second term on September 1, 2025.
She made history in 2021 as the first African and first woman to lead the 164-nation-member WTO.
The WTO chief, accompanied by Minister of Trade, Industry, and Investment, Ms Jumoke Oduwole, also briefed the president on the progress made on the Women’s Exporters’ Fund for the digital economy.
“We came to brief him about something very joyful that we did today with the help of the first lady.
“We launched a Women’s Exporters’ Fund for the digital economy. This is a fund that is jointly managed by the World Trade Organisation and the International Trade Centre and supports women to weather the storms of the economy and create jobs for themselves.
“It is part of the thinking of the social safety net and what we can do to support Nigerian women to contribute more to the economy and themselves.
“Nigeria competed and one one of four countries that won globally to be part of this initiative.
“We have 67,000 Nigerian women who applied for this, and 146 of them won, and they are going to have money disbursed directly to them.
“16 of them won what we called the Booster Track; those who already have businesses, but their businesses would be scaled up. They would receive technical and business support from the WTO and the ITC for 18 months.
“Another 100 would get $5,000 each to start and strengthen their businesses, with 12-month reforms,” she said.