Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), stated yesterday that the Tinubu Administration should be commended for stabilizing the economy.
She praised the broad economic reforms implemented by President Bola Ahmed Tinubu, saying they were essential to reestablishing economic stability and creating the framework for long-term growth. Dr. Okonjo-Iweala said this after yesterday’s visit to the President at the State House in Abuja.
According to the head of the World Trade Organization, she spoke with President Tinubu about how to strengthen safety nets while promoting growth through the creation of jobs, more investment opportunities, and higher household incomes.
Dr. Okonjo-Iweala was in Abuja to inform the President about the Women Exporters in the Digital Economy (WEIDE) Fund, which was previously unveiled with the First Lady, Senator Oluremi Tinubu, as part of a joint WTO and International Trade Center (ITC) initiative. Women entrepreneurs in digital trade will be empowered by the $50 million global fund.
According to Dr. Okonjo-Iweala, the program’s goals are to assist female entrepreneurs in increasing their ability to withstand economic shocks, generate employment, and make a greater contribution to the advancement of the country.
After a fiercely competitive process with 67,000 applicants, Nigeria was one of only four nations chosen worldwide.
For the scheme’s initial phase, 146 Nigerian women entrepreneurs were selected. For 18 months, 16 beneficiaries in the “booster track,” who are already operating businesses, will get comprehensive technical and business development assistance to expand their operations and add jobs.
One year of business mentorship and $5,000 in direct funding will be given to another 100 women.
She said, “This is just the beginning. We will all work together; the WTO, the ITC, the Ministry of Trade and Investment, and the Nigerian Export Promotion Council, to make sure these businesses expand, employ more people, and put more money in both households’ pockets and the nation’s pocket”
Former Finance Minister and Coordinating Minister of the Economy Dr. Okonjo-Iweala also praised the Tinubu Administration’s clear-cut approach to policy. Accelerating growth and protecting citizens from the cost-of-living crisis brought on by reform, in her opinion, should be the next priorities.
“We think that the President and his team have worked hard to stabilise the economy, and you cannot improve an economy unless it’s stable,” Dr. Okonjo-Iweala said.
“So, he has to be given the credit for the stability of the economy. 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 weather the hardship.”
