Nigeria’s Economy Stable, Now Needs Growth — Okonjo-Iweala

Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has declared that the Nigerian economy has achieved stability under President Bola Tinubu’s administration.

Okonjo-Iweala however noted that the administration must now shift focus to achieving growth and expanding social safety nets to cushion the impact of reforms.

Speaking to State House correspondents on Thursday after a meeting with the President at the Presidential Villa, Abuja, Okonjo-Iweala commended the government for stabilising the economy, stressing that no meaningful growth could occur without first achieving stability.

“We think that the President and his team have worked hard to stabilise the economy, and you cannot really improve an economy unless it’s stable. So he has to be given the credit for the stability of the economy,” she said.

“The reforms have been in the right direction. What is needed next is growth. We now need to grow the economy, and we need to put in social safety nets so that people who are feeling the pinch of the reforms can also have some support to be able to weather the hardship.”

The WTO chief said the conversation with the President focused on ways to grow the economy, create jobs, and increase disposable income for Nigerians.

“How do we build social safety nets to help Nigerians cushion the hardship they are feeling, and then, how do we grow the economy so we can create more jobs and put more money in people’s pockets? These are issues that we discussed with Mr. President,” she added.

Earlier in the day, Okonjo-Iweala had participated in the launch of a Women Exporters Fund for the digital economy, facilitated by the First Lady, Senator Oluremi Tinubu.

The initiative, jointly managed by the WTO and the International Trade Centre (ITC) in Geneva, aims to support Nigerian women entrepreneurs to scale up their businesses, create jobs, and strengthen the economy.

Nigeria is one of four countries selected globally for the scheme, with the effort coordinated locally by the Ministry of Trade and Investment and the Nigerian Export Promotion Council. Out of 67,000 Nigerian women who applied, 146 were selected to benefit from the fund.

According to Okonjo-Iweala, 16 beneficiaries won the “booster track” category for established businesses and will receive 18 months of technical and business support, while another 100 will get direct grants of $5,000 each and 12 months of business support to start or scale their enterprises.

“This is just the beginning,” she said, noting that the goal was to enable more Nigerian women to weather economic challenges, create jobs, and contribute more to national growth.