Nigeria’s President Bola Ahmed Tinubu has received strong backing from World Trade Organization (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, who says the administration’s ongoing economic reforms are moving in the right direction.
Speaking during a recent engagement with journalists, Okonjo-Iweala commended the Federal Government for taking bold steps to stabilize the economy and restore investor confidence. She noted that while the reforms — including the removal of fuel subsidies and the unification of exchange rates — come with short-term economic pains, they are essential for driving sustainable growth in the long run.
According to her, no significant economic transformation can occur without decisive policy actions, even if such measures initially appear unpopular. She stressed that reforms of this nature require patience, resilience, and effective social protection measures to cushion the impact on vulnerable Nigerians.
Okonjo-Iweala, a former Nigerian Finance Minister and Coordinating Minister for the Economy, also highlighted the importance of transparency and clear communication in implementing economic policies. She urged the Tinubu administration to maintain open channels with citizens and stakeholders, ensuring that policy objectives and expected benefits are well understood.
Economists have echoed similar sentiments, pointing out that while Nigeria’s economy faces inflationary pressures and foreign exchange challenges, the structural adjustments being introduced could pave the way for improved fiscal discipline, greater foreign investment, and a more diversified economy.
Observers believe that sustained reform momentum, coupled with targeted social welfare programs, will be key to easing the transition and ensuring inclusive economic growth.
Okonjo-Iweala’s endorsement adds weight to the reform agenda, signaling to both domestic and international stakeholders that Nigeria’s current economic trajectory has the potential to unlock long-term prosperity.
