Abuja, Nigeria – The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has commended President Bola Tinubu and his administration for stabilizing Nigeria’s economy amid tough reforms.
Speaking to reporters after meeting with the president on Thursday, the former Nigerian finance minister acknowledged the government’s efforts in restoring economic stability but stressed the need for growth and stronger social safety nets to ease citizens’ hardships.
Tinubu’s Reforms Stabilizing the Economy
Okonjo-Iweala stated, “We think that President Bola Tinubu and his team have worked hard to stabilise Nigeria’s economy, and you cannot really improve an economy unless it is stable.”
She credited Tinubu’s bold policies, including the removal of fuel subsidies, as necessary steps toward long-term recovery. “The reforms have been in the right direction. What is needed next is growth,” she added.
The Challenge Ahead: Growth and Social Protection
While acknowledging progress, the WTO chief emphasized the need for measures to support struggling Nigerians. “Nigeria now needs to grow the economy, and we need to build social safety nets so that people who are feeling the pinch of the reforms can also have some support to weather the hardship.”
She revealed that discussions with President Tinubu focused on job creation and economic expansion. “How do we build social safety nets to help Nigerians cushion the hardship they are feeling? And how do we grow the economy to create more jobs and put more money in people’s pockets? These are the issues we discussed.”
Fuel Subsidy Removal and Rising Costs
President Tinubu’s decision to end fuel subsidies in May 2023 led to a sharp rise in petrol prices, with costs reaching up to ₦1,200 per liter. This triggered higher transportation and food prices, worsening inflation and squeezing household budgets.
Despite the initial pain, the government maintains that the move was necessary to free up funds for infrastructure and social programs. Economists argue that stability must now transition into tangible growth to improve living standards.
What’s Next for Nigeria’s Economy?
Okonjo-Iweala’s remarks highlight both progress and persisting challenges. While Tinubu’s reforms have steadied the economy, the focus must shift to:
- Expanding job opportunities
- Strengthening social welfare programs
- Encouraging investments to boost productivity
As Nigeria navigates this critical phase, the world will be watching to see if stability translates into real benefits for its citizens.
