The President of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has called on the Federal Government of Nigeria to establish social safety nets to support poor Nigerians grappling with the economic hardships resulting from President Bola Tinubu’s reforms.
She made this appeal following a meeting with the president at the Aso Villa in Abuja on Thursday.
Okonjo-Iweala, a former Nigerian Finance Minister, commended President Tinubu for his administration’s efforts to stabilise the economy through bold reforms, including the removal of the petrol subsidy and the unification of foreign exchange windows.
However, she emphasised the need for measures to cushion the impact of these policies on vulnerable citizens.
“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 credit for the stability of the economy. The reforms have been in the right direction,” Okonjo-Iweala said.
She added, “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 support to weather the hardship.
“That’s the next step.”
The WTO chief’s remarks come as Nigerians continue to face rising costs of living, particularly due to increased fuel prices and inflationary pressures following the subsidy removal and forex reforms.
Her call for social safety nets underscores the urgency of implementing targeted interventions to alleviate the burden on low-income households while sustaining the momentum of economic stabilisation.
The Federal Government has yet to respond to Okonjo-Iweala’s recommendations, but analysts suggest that such measures could include cash transfers, food assistance programs, or subsidies for essential services to support Nigeria’s most vulnerable populations.