Okonjo-Iweala to Tinubu: Put in social safety nets to help Nigerians cope with effect of reforms

The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has urged President Bola Tinubu to accompany his administration’s economic reforms with strong social safety nets to cushion their impact on Nigerians.

Okonjo-Iweala made the call on Thursday while briefing State House correspondents after a courtesy visit to the President, during which she also commended Tinubu’s efforts to stabilise the economy.

“We think the President and his team have worked hard to stabilise the economy, and you cannot really improve an economy unless it’s stable,” she said. “The reforms have been in the right direction, but the next step is growth and building safety nets so those feeling the pinch can weather the hardship.”

The WTO chief emphasised that policies must now focus on expanding job opportunities, increasing household incomes, and reducing poverty. “How do we grow the economy so we can create more jobs and put more money in people’s pockets? These are issues we discussed with Mr. President,” she noted.

Her visit coincided with the launch of the Women Exporters Fund for the Digital Economy, a joint initiative of the WTO and the International Trade Centre (ITC), supported by the First Lady. Nigeria, she revealed, was one of only four countries selected globally to participate in the programme, which aims to boost women-led businesses engaged in digital trade.

Out of 67,000 Nigerian applicants, 146 women were selected for direct financial and technical support. Sixteen of them, under the “booster track,” will have their existing businesses scaled up with 18 months of mentorship from the WTO and ITC, while 100 others will receive $5,000 each and one year of business support to start or strengthen their enterprises.

According to Okonjo-Iweala, the initiative will help women entrepreneurs expand their operations, create jobs, and contribute more to national revenue. She credited the Federal Ministry of Trade and Investment and the Nigerian Export Promotion Council for steering Nigeria’s participation in the scheme.

She stressed that coupling such targeted economic empowerment programmes with wider social protection policies would ensure that vulnerable groups are not left behind as reforms take effect.

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