Abuja: Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has expressed that President Bola Tinubu deserves recognition for his role in stabilizing Nigeria’s economy through significant reforms. She made this statement while speaking with State House correspondents following a closed-door meeting with the President at the Presidential Villa in Abuja.
According to News Agency of Nigeria, Okonjo-Iweala highlighted the government’s initiatives aimed at achieving economic stability as a fundamental step toward ensuring long-term growth. She stated, “The president and his team have worked hard to stabilize the economy and you can’t really improve an economy unless it’s stable. He has to be given the credit for the stability of the economy, so the reforms have been in the right direction.” Despite this progress, she emphasized that more efforts are needed to foster inclusive growth and reduce poverty across the nation.
The WTO Director-General pointed out that the next phase involves stimulating economic growth and implementing social safety nets to support those affected by the reforms. “What is needed next is growth. We now need to grow the economy and we need to put in social safety nets so that the people who are feeling the pinch of the reforms can also have some support to be able to weather the hardship,” she mentioned. Okonjo-Iweala also discussed with the President ways to create economic opportunities that directly impact the lives of Nigerians.
She assured that the WTO stands ready to support Nigeria’s economic revival efforts. The meeting marks ongoing cooperation between the Tinubu administration and international partners to drive economic recovery.
Furthermore, the News Agency of Nigeria reports that the World Bank has acknowledged the stabilization of Nigeria’s economy under President Tinubu’s administration, forecasting a growth rate of 3.6 percent by 2025. This positive outlook is credited to macroeconomic reforms in sectors such as petroleum, foreign exchange, and power, which are contributing to a more stable business environment. Despite continued challenges with inflation, the World Bank observed that these reforms have led to a significant increase in national revenue and a reduction in the fiscal deficit.