Okonjo-Iweala clarifies Tinubu visit amid backlash over economy comments

(DDM) – The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has issued a clarification following backlash over her comments on Nigeria’s economy during her visit to President Bola Tinubu.

Dr. Okonjo-Iweala explained that her recent statements had been misunderstood and that she recognizes the economic hardships Nigerians are currently facing due to reforms.

She emphasized the importance of implementing social safety nets to aid vulnerable populations who are being affected by these reforms.

During her meeting with President Tinubu at the State House in Abuja, which took place alongside Trade Minister Jumoke Oduwole, discussions focused on Nigeria’s economy and strategies to cushion citizens from the adverse effects of ongoing reforms.

The WTO Director-General highlighted the launch of the Women Exporters Fund for the Digital Economy, a collaborative initiative between the WTO and the International Trade Centre aimed at empowering Nigerian women to create and sustain jobs.

She revealed that Nigeria was among four countries globally selected to benefit from this fund, with 67,000 women applying and 146 winners slated to receive direct financial and technical support to boost their businesses.

According to Okonjo-Iweala, the fund is designed to help women weather economic challenges while fostering growth and employment.

While acknowledging the efforts made by President Tinubu and his administration to stabilize the economy, she reiterated that economic stability alone is insufficient.

She stressed that the next critical step is economic growth and the urgent need for social safety nets to support those impacted by the government’s reforms.

In her own words, Dr. Okonjo-Iweala stated, “We need to grow the economy and put social safety nets in place so that people feeling the pinch of the reforms can have some support to weather the hardship.”

Her comments came in the wake of criticism suggesting that she had overly praised the administration, but she clarified that she was acknowledging the progress made while underscoring the continuing struggles faced by many Nigerians.

Opposition voices, such as the African Democratic Congress, had accused the government of distorting the WTO chief’s remarks to paint an overly positive picture of the economy.

They pointed out that despite a so-called stable economy, widespread poverty, unemployment, and inflation remain critical issues that must be urgently addressed.

The World Trade Organisation leader’s visit to President Tinubu also coincided with the launch of impactful economic initiatives aimed at empowering women business owners and reinforcing digital trade, demonstrating her commitment to inclusive economic development.

Dr. Okonjo-Iweala’s clarifications spotlight the complex realities of Nigeria’s current economic condition, where reforms have brought certain stability but also significant hardship necessitating comprehensive social programs and growth measures.

Her remarks call on the government to balance reforms with proactive support for Nigerians struggling with poverty and joblessness to build a more resilient, inclusive economy over the coming years.