Our Correspondent
The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has given a strong vote of confidence to President Bola Tinubu’s economic reforms, describing them as “in the right direction” and crediting the administration for stabilising Nigeria’s economy.
Speaking to State House correspondents in Abuja on Thursday, after briefing the President on a new women-focused economic initiative, Okonjo-Iweala said:
“We think that the President and his team have worked hard to stabilise 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. The reforms have been in the right direction.”
The former Nigerian finance minister’s remarks come at a time when public opinion on the government’s policies remains sharply divided. While economists and some international observers have commended moves such as fuel subsidy removal and exchange rate unification for addressing fiscal imbalances, many Nigerians continue to feel the pinch of higher living costs, stagnant wages, and stubborn inflation.
Okonjo-Iweala acknowledged these hardships, urging the administration to pair stability with growth and targeted social protection.
“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. How do we cushion the hardship? How do we grow the economy to create more jobs and put more money in people’s pockets? These are issues we discussed with Mr President,” she said.
Women Exporters Fund Launch
The WTO chief was in Abuja to announce the launch of the Women Exporters Fund for the Digital Economy, a joint initiative of the WTO and the International Trade Centre (ITC), with backing from Nigeria’s First Lady. Nigeria is one of only four countries selected globally for the pilot scheme.
From 67,000 Nigerian applicants, 146 women entrepreneurs were chosen to receive direct funding and technical support. Sixteen of them will benefit from an 18-month “booster track” to scale up existing businesses, while another 100 will each receive $5,000 alongside 12 months of mentoring.
Okonjo-Iweala said the scheme would enable women to create jobs, strengthen household incomes, and contribute to national revenue.
A Widening Perception Gap
While Okonjo-Iweala’s endorsement is likely to reassure investors and policymakers, the mood on the street is less enthusiastic. Many ordinary Nigerians, especially those in low-income brackets, say the reforms have yet to translate into tangible improvements in their lives. Market traders, transport workers, and low-salaried employees have repeatedly voiced frustration over rising food, fuel, and rent costs.
Analysts say this perception gap underscores the political and economic challenge before Tinubu’s team: delivering visible, everyday relief without reversing the structural gains of reform.
As Okonjo-Iweala herself warned, without strong safety nets, the risk remains that stabilisation could come at too steep a social cost.