World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala has praised President Bola Ahmed Tinubu for stabilising Nigeria’s economy, but urged the administration to pivot swiftly toward growth and social protection.
Speaking to journalists after a meeting with the President in Abuja on Thursday, the former Nigerian finance minister said Tinubu’s early reforms had moved the economy “in the right direction,” laying the groundwork for further progress.
“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,” Okonjo-Iweala said. “He has to be given credit for that. The next step is growth—putting in place a social safety net so that those feeling the pinch of reforms can weather the hardship.”
According to her, the government must focus on two urgent priorities: cushioning vulnerable Nigerians through targeted support measures, and stimulating economic expansion to create jobs and boost household incomes.
Warning on Nigeria’s Digital Lag
Earlier, at the launch of the Women Exporters in the Digital Economy (WEIDE) Fund in Abuja, Okonjo-Iweala cautioned that Nigeria’s sluggish internet penetration could cost it a stake in the fast-growing US$4.25 trillion global digital trade market.
She revealed that only 45 percent of Nigerians have internet access, far below the global average of 67 percent, and warned that “no nation can truly digitise without a steady supply of electricity and reliable, affordable internet.”
“More than half of Nigerians remain disconnected, and this gap must be closed if we are to seize the opportunities of digital trade,” she stressed.
Nigeria is one of four countries selected for the 2024 WEIDE Fund rollout, alongside Jordan, Mongolia, and the Dominican Republic. The Nigerian Export Promotion Council (NEPC), led by Executive Director Nonye Ayeni, will implement the programme locally.
The selection process drew over 67,000 applications from Nigerian women entrepreneurs, forcing an expansion of the beneficiary pool from 100 to 146. Sixteen women in the “Booster Track” will each receive up to US$30,000 plus 18 months of technical assistance, while 130 “Discovery Track” participants will get up to US$5,000 and one year of business support. Beneficiaries span agriculture, IT, fashion, hospitality, beauty, and manufacturing.
Africa’s Low Share of Digital Trade
Despite digital trade being the fastest-growing segment of global commerce, Africa’s share remains below 1 percent. Okonjo-Iweala called for inter-ministerial collaboration—particularly between the Ministries of Communications, Industry, and Power—to close Nigeria’s connectivity gap and enable women to compete globally.
“When women trade internationally, they earn almost three times more than those who sell locally,” she said. “The WEIDE Fund is about giving Nigerian women the tools, skills, and market access to multiply those gains.”
