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WTO Chief Urges Tinubu to Strengthen Social Safety Nets Amid Economic Reforms

Ngozi Okonjo-Iweala Calls for Growth-Focused Policies to Ease Hardship

By Obinna Uballa

World Trade Organisation (WTO) Director-General Dr. Ngozi Okonjo-Iweala has advised President Bola Tinubu to implement robust social protection programs to cushion Nigerians from the economic shocks triggered by recent reforms. The former Nigerian finance minister delivered this message following a meeting with Tinubu at the Presidential Villa in Abuja on Thursday.

Balancing Reform with Relief

While praising the administration’s efforts to stabilize Nigeria’s economy, Okonjo-Iweala emphasized that stability alone wouldn’t address citizens’ immediate struggles. “You cannot improve an economy unless it’s stable,” she told State House correspondents. “But the next critical phase must focus on growth and social safety nets to help vulnerable populations weather this transitional period.”

The WTO chief’s comments come amid rising inflation and living costs following the removal of fuel subsidies and foreign exchange market reforms. Her intervention highlights the delicate balance governments must strike between implementing necessary economic adjustments and protecting citizens from their short-term impacts.

Women’s Economic Empowerment Initiative

The high-profile visit coincided with the launch of the Women Exporters Fund for the Digital Economy – a collaborative project between the WTO and International Trade Centre (ITC). Nigeria emerged as one of only four global beneficiaries after a highly competitive selection process.

Out of 67,000 Nigerian women entrepreneurs who applied:

• 16 will receive intensive 18-month business development support (“booster track”)
• 100 others will get $5,000 grants plus year-long mentorship

“This initiative recognizes Nigerian women’s entrepreneurial spirit and their potential to drive economic recovery,” Okonjo-Iweala noted. The program specifically targets female-led businesses in the digital economy – a sector with proven potential for job creation and export diversification.

The Path Forward

Economists suggest the WTO chief’s recommendations align with global best practices for structural adjustment programs. “Reforms without compensatory measures often backfire,” notes development economist Dr. Adeola Adeniran. “Targeted cash transfers, food assistance, and job creation programs can maintain public support during difficult transitions.”

The Tinubu administration faces mounting pressure to demonstrate that its economic policies will eventually yield tangible benefits for ordinary Nigerians. With food inflation exceeding 30% and the naira still volatile, the coming months will test whether the government can effectively combine macroeconomic reforms with meaningful social protection.

As Nigeria navigates these complex challenges, international observers will watch closely to see if Africa’s largest economy can transform its current hardships into sustainable growth – a transformation that Okonjo-Iweala clearly believes requires both technical reforms and human-centered policies.

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