The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has urged President Bola Ahmed Tinubu to introduce social safety nets to protect vulnerable Nigerians from the harsh impact of ongoing economic reforms.
Speaking to State House correspondents after a meeting with the President on Thursday in Abuja, Okonjo-Iweala said both the federal government and the WTO had launched a Women Exporters Fund to empower Nigerian women and boost their economic participation.
Her comments come amid rising poverty levels and soaring inflation following the removal of fuel subsidies and the floating of the naira in 2023—two policies that have significantly increased living costs.
The World Bank had earlier projected that Nigeria’s poverty rate would rise by 3.6 percent over the next five years, citing structural challenges such as over-reliance on natural resources and national fragility.
According to its Africa’s Pulse report, resource-rich and fragile countries like Nigeria are likely to experience worsening poverty levels compared to non-resource-rich African countries.
Okonjo-Iweala acknowledged the government’s reform efforts, commending President Tinubu for stabilising the economy.
“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.
She said cushioning the effects of the reforms would require targeted support for the poorest Nigerians while creating jobs and increasing household incomes.
The WTO chief also highlighted the new Women Exporters Fund as part of these broader safety nets.
“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.
