By Prosper Mene
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has commended President Bola Tinubu’s administration for its economic reforms, stating that they have successfully stabilized Nigeria’s economy.
Speaking to journalists after a closed-door meeting with the President at the Presidential Villa in Abuja on Thursday, Okonjo-Iweala described the reforms as “steps in the right direction” and credited Tinubu’s team for laying a foundation for future economic growth.“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,” Okonjo-Iweala said. “So, he has to be given credit for the stability of the economy.”
She highlighted the importance of stability as a prerequisite for economic progress, noting that the reforms have set Nigeria on a path toward recovery.
However, the WTO chief emphasized that the next critical steps involve fostering economic growth and implementing robust social safety nets to alleviate the hardships faced by many Nigerians due to these 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 weather the hardship,” she stated.
Her remarks come in the context of significant policy changes under Tinubu’s administration, including the removal of fuel subsidies in May 2023, which led to a sharp increase in fuel prices and subsequent rises in the cost of living. Despite these challenges, she urged the government to focus on job creation and poverty reduction through targeted policies. “How do we build social safety nets 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 we discussed with Mr. President,” she added.
Okonjo-Iweala’s endorsement underscores the potential of Tinubu’s reforms while highlighting the urgent need for measures to support vulnerable citizens.
