Following a high-level meeting at the Presidential Villa in Abuja, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), has commended President Bola Ahmed Tinubu for his administration’s economic reforms, describing them as “in the right direction” and pivotal to stabilizing Nigeria’s economy.
Speaking to journalists after the closed-door session, Okonjo-Iweala emphasized the importance of economic stability as a foundation for growth. “The President and his team have worked hard to stabilize the economy, and you can’t really improve an economy unless it’s stable,” she stated. “He has to be given credit for the stability of the economy, so the reforms have been in the right direction.”
President Tinubu’s reform agenda, which includes the removal of petrol subsidies and the unification of foreign exchange windows, has drawn both praise and criticism. While these measures have led to short-term economic hardship for many Nigerians, Okonjo-Iweala stressed the need for complementary policies to support vulnerable populations.
“What is needed next is growth,” she added. “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.”
During the meeting, Okonjo-Iweala also briefed the President on the launch of the Women’s Exporters’ Fund for the digital economy, a joint initiative aimed at empowering female entrepreneurs in Nigeria and across Africa.