In a candid appeal that blends economic realism with human empathy, Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has called on President Bola Ahmed Tinubu to urgently introduce robust social safety nets to shield Nigeria’s most vulnerable citizens from the biting effects of ongoing economic reforms.
Speaking to State House correspondents after a high-level meeting with the President on Thursday in Abuja, the globally acclaimed economist acknowledged the government’s determination to stabilise the economy but warned that without targeted cushioning measures, millions could be left behind.
Her call comes against the backdrop of spiralling inflation, rising poverty rates, and the heavy toll of reforms—including the removal of fuel subsidies and the floating of the naira in 2023—which have sharply driven up the cost of living for ordinary Nigerians.
> “You cannot really improve an economy unless it’s stable, so he has to be given credit for that,” Okonjo-Iweala stated. “The reforms are in the right direction. What is needed next is growth—and alongside that, we must put in place social safety nets so those feeling the pinch can weather the hardship.”
Citing recent World Bank projections that Nigeria’s poverty rate could climb by 3.6% over the next five years, she stressed that resource-rich but economically fragile nations like Nigeria face even steeper challenges compared to their more diversified African counterparts.
According to the WTO chief, cushioning the impact of reforms requires direct, well-targeted support for the poorest households, alongside job creation and income growth initiatives.
As part of broader empowerment efforts, Okonjo-Iweala announced the launch of a Women Exporters Fund—a collaborative initiative between the WTO, the Federal Government, and the Nigerian Export Promotion Council—designed to equip Nigerian women with the financial tools to thrive in trade, create jobs, and withstand economic headwinds.
> “With the help of the First Lady, we launched a fund to support women so they can weather economic storms, create jobs, and contribute more to the economy,” she noted.
Her remarks serve as both a commendation of the Tinubu administration’s stabilisation drive and a clear warning: without a strong social safety framework, the gains of reform risk being overshadowed by worsening inequality and deepening hardship.
PIONEER NEWS 