*Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, urges the Federal Government to establish social safety nets for underprivileged Nigerian consumers, to cushion the pains of President Bola Ahmed Tinubu鈥檚 economic reforms

Gbenga Kayode | 绿帽献妻

Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), has urged the Federal Government to create social safety nets for poor Nigerian consumers, who are feeling the pains of President Bola Ahmed Tinubu鈥檚 economic reforms.

绿帽献妻 reports Dr. Okonjo-Iweala noted this measure Thursday, August 14, 2025, after a meeting with President Tinubu in the Presidential Villa, Abuja, FCT.

The Nigerian-born Director-General of WTO of the United Nations (UN) agency and ex-Minister for Finance and Coordinating Minister for the Economy, at the meeting, applauded Tinubu for his administration鈥檚 current economic reforms, including petrol subsidy removal and the unification of the Foreign Exchange (Forex) windows.

She, however, said the Nigerian Government must put social safety nets in place for poor consumers for them to be able to cope with the current economic hardships resulting from the reforms.

Tinubu鈥檚 鈥榬eforms in the right direction,鈥� says WTO Chief

Okonjo-Iweala, in a chat with reporters after her meeting with President Tinubu also said: 鈥淲e think that the President and his team have worked hard to stabilise the economy.

鈥淵ou cannot really improve an economy unless it is stable. So, he has to be given the credit for the stability of the economy. The reforms have been in the right direction.鈥�

She further noted: 鈥淲hat 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.

鈥淭hat鈥檚 the next step.鈥�

On Women鈥檚 Exporters鈥� Fund for digital economy

The WTO Director-General, who was accompanied to the Presidential Villa by Dr. Jumoke Oduwole, Honourable Minister for Industry, Trade and Investment (FMITI), also disclosed that she briefed the Nigerian President on the progress made on the Women鈥檚 Exporters鈥� Fund for the digital economy.

A market on Lagos Island聽

She explained: 鈥淲e came to brief him (Tinubu) about something very joyful that we did today with the help of the First Lady.

鈥淲e launched a Women鈥檚 Exporters鈥� Fund for the digital economy. This is a fund that is jointly managed by the World Trade Organisation and the International Trade Centre and supports women to weather the storms of the economy and create jobs for themselves.鈥�

Okonjo-Iweala further said: 鈥淚t is part of the thinking of the social safety nets, and what we can do to support Nigerian women to contribute more to the economy and themselves.

鈥淣igeria competed, and one of four countries that won globally to be part of this initiative.鈥�

She noted: 鈥淲e have 67,000 Nigerian women who applied for this, and 146 of them won, and they are going to have money disbursed directly to them.

鈥�16 of them won what we called the Booster Track; those who already have businesses, but their businesses would be scaled up. They would receive technical and business support from the WTO and the ITC for 18 months.

The Director-General added: 鈥淎nother 100 would get $5,000 each to start and strengthen their businesses, with 12-month reforms.鈥�

It is recalled that President Tinubu had launched a number of economic reforms when he assumed office May 2023.

The current administration, nonetheless, has been severally criticised over the extant economic reforms over the last two years.

The opposition leaders, and several Nigerian consumers have attributed rising food inflation, and soaring cost of living to his removal of the controversial petrol subsidy and the unification of Forex windows in the West African country鈥檚 economy.

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