Okonjo-Iweala Lauds Tinubu’s Economic Reforms, Highlights Women Empowerment Fund

Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), has commended President Bola Tinubu for his efforts to stabilize Nigeria’s economy, emphasizing that the reforms being implemented under his leadership are heading in the right direction.

Speaking to State House correspondents following a courtesy visit to President Tinubu on Thursday, Okonjo-Iweala shared details of her discussions with the President, which included the launch of a groundbreaking initiative aimed at empowering Nigerian women in the digital export economy.

Women Exporters Fund for Digital Economy

Okonjo-Iweala expressed excitement over the launch of the Women Exporters Fund for the Digital Economy, a new initiative jointly managed by the WTO and the International Trade Centre (ITC). The fund is designed to help Nigerian women overcome economic challenges and create jobs, both for themselves and others.

“We came to brief Mr. President about something very joyful that we did today with the help of the First Lady – the launch of the Women Exporters Fund for the Digital Economy,” Okonjo-Iweala said.

She explained that Nigeria had won a competitive global selection to be part of this new initiative, with 67,000 Nigerian women applying. Of these, 146 women were selected, and they will receive direct financial support. 16 women have been chosen for the booster track, aimed at scaling up existing businesses. These women will receive 18 months of technical and business support from the WTO and ITC, in collaboration with Nigeria’s Ministry of Trade and Investment and the Nigerian Export Promotion Council.

“They will receive technical and business support for 18 months from the WTO and the ITC… to make sure that their businesses expand, they employ more people, and they put money in their households’ pockets and in the nation’s pocket,” she explained.

Additionally, 100 women will receive $5,000 each to help them scale up their businesses, accompanied by 12 months of business support.

Economic Stability and the Next Steps

On Nigeria’s economy, Okonjo-Iweala praised the initial reforms under President Tinubu’s administration, acknowledging that they had brought much-needed stability to the economy.

“We think that the President and his team have worked hard to stabilize the economy, and you cannot really improve an economy unless it’s stable. So, he has to be given the credit for the stability of the economy. So, the reforms have been in the right direction,” she said.

However, Okonjo-Iweala emphasized that while stability is essential, the next step for Nigeria is economic growth. She highlighted the need for targeted growth policies and the establishment of social safety nets to support Nigerians who are facing the hardships of ongoing 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 people who are feeling the pinch of the reforms can also have some support to be able to weather the hardship,” she said.

She underscored that these two factors—growth and social safety nets—are critical for job creation and poverty reduction in Nigeria.

“How do we grow the economy so we can create more jobs and put more money in people’s pockets? These are issues that we discussed with Mr. President,” Okonjo-Iweala added.