Okonjo-Iweala backs Tinubu’s reforms, launches $5,000 grants for women exporters

The Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, has praised President Bola Tinubu’s economic policies, describing them as steps in the right direction for stabilising Nigeria’s economy.

Okonjo-Iweala spoke to State House correspondents in Abuja on Thursday after briefing the President on a new initiative designed to boost women’s participation in the digital export market.

“We came to brief Mr. President about something very joyful that we did today with the help of the First Lady – the launch of the Women Exporters Fund for the Digital Economy. This fund, jointly managed by the WTO and the International Trade Centre, in Geneva, to help support the economy and support women, to be able to weather the storms of the economy and be able to create jobs for themselves, for others,” she said.

She explained that Nigeria was selected as one of four countries worldwide to participate in the programme. Out of 67,000 Nigerian applicants, 146 women secured direct funding, including 16 business owners chosen for an advanced “booster track” that offers 18 months of technical and business support. Another 100 beneficiaries will each receive $5,000 grants to launch or expand their businesses with an additional year of advisory backing.

“The Minister of Trade and Investment has been shepherding this effort in Nigeria, along with the Nigerian Export Promotion Council,” she added.

On Nigeria’s economic trajectory, the WTO chief credited the administration for restoring stability through early reforms.

“We think that the President and his team, have worked hard to stabilize the economy, and you cannot really improve an economy unless it’s stable. So he has to be given the credit for the stability of the economy. So the reforms have been in the right direction,” Okonjo-Iweala noted.

She emphasised the need for sustained growth and stronger social safety nets to shield citizens from the impact of ongoing reforms.

“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 be able to weather the hardship. So that’s the next step.

“How do we build social safety net to help Nigerians cushion the hardship they are feeling? Then, how do we grow the economy so we can create more jobs and put more money in people’s pockets? These are issues that we discussed with Mr. President,” she said.

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