Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has urged President Bola Tinubu to provide social safety nets for Nigerians grappling with the worsening effects of his administration’s economic reforms.
Okonjo-Iweala, who spoke to journalists after meeting with the President on Thursday in Abuja, said while reforms such as subsidy removal and naira float were aimed at stabilising the economy, they had pushed millions of Nigerians deeper into poverty.
“You cannot really improve an economy unless it’s stable, so he has to be given credit for that. 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,” she said.
Her warning comes as inflation and living costs continue to soar, leaving many Nigerians struggling with basic necessities. The World Bank recently projected that Nigeria’s poverty rate would rise by 3.6 percent over the next five years, blaming the country’s over-reliance on oil and structural weaknesses.
Okonjo-Iweala stressed that cushioning the effects of the reforms would require targeted support for the most vulnerable citizens, alongside job creation and policies to boost household incomes.
She also disclosed that the WTO, in collaboration with the Nigerian government, had launched a Women Exporters Fund to empower women entrepreneurs.
“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 said, noting that the initiative was spearheaded by the Minister of Trade and the Nigerian Export Promotion Council.
Analysts say her remarks reflect growing international concern over the social cost of Tinubu’s reforms, which, while stabilising the macroeconomy, have left ordinary Nigerians facing unprecedented hardship.
