OKONJO-IWEALA SAYS TINUBU’S ECONOMIC REFORMS ARE HEADING IN THE RIGHT DIRECTION
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BY OWOLABI OLUWADARA
The Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala, on Thursday praised President Bola Tinubu for his efforts to stabilize Nigeria’s economy, asserting that the reforms implemented under his administration are proceeding positively.
Addressing State House reporters following a courtesy visit to the President on Thursday, Okonjo-Iweala stated that her discussions with the President focused on the introduction of a significant initiative designed to empower Nigerian women within the digital export economy.
“We came to inform Mr. President about a very promising development we accomplished today with the assistance of the First Lady – the launch of the Women Exporters Fund for the Digital Economy. This fund, collaboratively administered by the WTO and the International Trade Centre in Geneva, aims to bolster the economy and support women, enabling them to navigate economic challenges and generate employment for themselves and others.
“Thus, we came to update Mr. President regarding this fund, which we have launched. The Minister of Trade and Investment has been leading this initiative in Nigeria, alongside the Nigerian Export Promotion Council.
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Nigeria competed and emerged as one of four nations selected globally to participate in this new initiative. We had 67,000 Nigerian women who applied for this opportunity, with 146 emerging as winners, set to receive funds directly. Among them, 16 individuals secured what we refer to as the booster track, aimed at those with existing businesses, which will be enhanced for growth.
These recipients will benefit from technical and business assistance for a duration of 18 months, provided by the WTO and the ITC, in collaboration with the ministry. Our collective efforts aim to ensure that their enterprises flourish, leading to increased employment opportunities, greater household income, and contributions to the national economy. Additionally, another 100 participants will receive $5,000 each to initiate and strengthen their businesses, complemented by 12 months of business support, as she clarified.
On the state of Nigeria’s economy, Okonjo-Iweala acknowledged that the administration’s initial reforms had delivered much-needed stability.
“We believe that the President and his administration have exerted considerable effort to ensure economic stability, and it is not feasible to enhance an economy without first achieving that stability. Therefore, he deserves recognition for the economy’s steadiness. The reforms implemented have been progress-oriented,” she articulated.
She emphasized that the amalgamation of economic stability, focused growth strategies, and strong safety nets would be essential for job creation and alleviating poverty.
“What we require moving forward is growth. We must now expand the economy and establish social safety nets to provide support for those impacted by the reforms, enabling them to endure these challenges. This is the subsequent phase.
“How can we develop a social safety net to assist Nigerians in alleviating the difficulties they are experiencing? Furthermore, how can we stimulate economic growth to generate more employment opportunities and increase financial resources for individuals? These are the matters we deliberated with Mr. President,” she expressed.
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