In a high-profile meeting at Nigeria’s presidential villa on Thursday, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala called for urgent measures to cushion vulnerable citizens affected by President Bola Tinubu’s economic reforms. While commending Tinubu’s efforts to stabilize Nigeria’s economy through subsidy removal and foreign exchange restructuring, she emphasized that growth and targeted social protections must follow to alleviate public hardship.
Okonjo-Iweala, a former Nigerian finance minister and the first woman and African to lead the 164-member WTO, acknowledged the administration’s “difficult but necessary” reforms. “The President and his team have worked hard to stabilize the economy. You cannot improve an economy unless it is stable,” she told reporters, describing the reforms as “steps in the right direction.” However, she stressed that expanding social safety nets is now critical to support households grappling with soaring living costs tied to these policies.
Since assuming office in May 2023, Tinubu’s government has faced backlash over inflation rates exceeding 33% and a sharp decline in purchasing power, driven largely by the removal of fuel subsidies and unification of multiple exchange rates. Critics argue these measures, though aimed at curbing fiscal deficits and attracting investment, have disproportionately burdened low-income families.
The WTO chief’s visit coincided with the launch of a Women’s Exporters’ Fund, a joint initiative by the WTO and the International Trade Centre (ITC), designed to empower Nigerian women in the digital economy. Out of 67,000 applicants, 146 women secured grants, with 16 receiving 18 months of technical support to scale existing businesses, and 100 others awarded $5,000 each to launch or strengthen ventures. Okonjo-Iweala framed the program as part of broader efforts to integrate social safeguards with economic revitalization. “This is about providing tools for women to contribute more to the economy while weathering current challenges,” she said, crediting Nigeria’s First Lady for supporting the project.
The meeting also occurred ahead of Okonjo-Iweala’s anticipated second term as WTO head, set to begin September 1, 2025. Her advocacy for balancing fiscal reforms with welfare programs reflects growing global consensus on addressing inequality amid structural economic shifts. As Nigeria navigates the dual priorities of stabilization and inclusive growth, the success of such initiatives could prove pivotal in mitigating public discontent and sustaining long-term recovery.
