World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala has commended President Bola Ahmed Tinubu for stabilising Nigeria’s economy and called for the next phase to focus on growth, job creation, and digital trade expansion.
Speaking after a meeting with the President in Abuja earlier today, Thursday, August 14, 2025.
The former Nigerian finance minister said stability was a critical first step, adding that President Tinubu’s reforms had been in the right direction.
“The President and his team have worked hard to stabilise the economy. You cannot improve an economy unless it’s stable, so he has to be given credit for that,” Okonjo-Iweala said.
“The next step is growth, and we also need to create a social safety net so that those feeling the effects of the reforms have some support.”
Focus on Growth and Social Support
Okonjo-Iweala stressed that while stability is important, it must be followed by economic growth that benefits citizens directly. She urged the government to introduce measures that protect vulnerable groups and help them cope with rising living costs.
“We need to grow the economy, create more jobs, and put more money into people’s pockets. At the same time, we need a safety net for those most affected by economic changes,” she added.
WEIDE Fund Launch for Women Entrepreneurs
Earlier in the day, the WTO chief launched the Women Exporters in the Digital Economy (WEIDE) Fund in Abuja.
She warned that Nigeria’s low internet penetration — at 45 percent compared to the global average of 67 percent — could hinder the country’s ability to take full advantage of the fast-growing global digital trade sector.
“No nation can truly digitise without reliable, affordable internet and steady electricity,” she said. “More than half of Nigerians remain offline, and this gap must be closed to seize digital trade opportunities.”
Nigeria is one of four countries selected for the WEIDE Fund’s 2024 rollout, alongside Jordan, Mongolia, and the Dominican Republic.
The programme will be implemented locally by the Nigerian Export Promotion Council (NEPC), led by Executive Director Nonye Ayeni.
Empowering Nigerian Women in Global Trade
The WEIDE Fund attracted more than 67,000 applications from Nigerian women entrepreneurs. Due to the quality of entries, the number of beneficiaries was expanded from 100 to 146 awardees.
- 16 entrepreneurs in the Booster Track will receive up to $30,000 each, along with 18 months of technical assistance.
- 130 entrepreneurs in the Discovery Track will get up to $5,000 each, plus a year of business support.
Beneficiaries operate in sectors such as agriculture, IT, fashion, hospitality, beauty, and manufacturing.
Closing Africa’s Digital Trade Gap
Okonjo-Iweala noted that global digital trade is valued at $4.25 trillion, yet Africa’s share is less than 1 percent. She called for cooperation between the Ministries of Communications, Industry, and Power to expand internet access, upgrade infrastructure, and equip women with the skills to compete internationally.
“When women trade internationally, they earn almost three times more than those who sell locally. The WEIDE Fund is about giving Nigerian women the skills, tools, and access to grow those gains,” she said.
With the economy stabilised, Okonjo-Iweala concluded that Nigeria’s next chapter should focus on inclusive growth, better infrastructure, and global competitiveness.
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