Tinubu deserves credit for stabilising economy – Okonjo-Iweala

Director-General World Trade Organization, (WTO,)Dr Ngozi Okonjo-Iweala has said that President Bola Tinubu deserves credit for stabilising Nigeria’s economy through bold reforms. She spoke with State House correspondents on Thursday after a closed-door meeting with the President at the Presidential Villa, Abuja. Okonjo-Iweala noted the government’s efforts to steady the economy as a key step in building long-term growth. “The president and his team have worked hard to stabilize the economy and you can’t really improve an economy unless it’s stable. He has to be given the credit for the stability of the economy, so the reforms have been in the right direction,” She emphasised that stabilising the economy is only the beginning of a broader recovery agenda.
The WTO boss however stressed that more work is needed to stimulate inclusive growth and alleviate poverty in the country. “What is needed next is growth. We now need to grow the economy and we need to put in social safety nets so that the people who are feeling the pinch of the reforms can also have some support to be able to weather the hardship. “That’s the next step, how do we build social safety nets to help Nigerians cushion the hardship they are feeling and how do we grow the economy so we can create more jobs and put money in people’s pockets? These are issues we discussed with the President.” She stressed the need for policies that directly impact the lives of Nigerians and create economic opportunities. Okonjo-Iweala assured of the WTO’s continued support for Nigeria’s economic revival. The meeting signals continued collaboration between the Tinubu-led government and international partners to drive economic recovery.
The World Bank acknowledges that Nigeria’s economy is stabilising under President Tinubu’s administration, with projected growth of 3.6 per cent in 2025. This positive outlook is attributed to macroeconomic reforms, particularly in the petroleum, foreign exchange, and power sectors, which are creating a more stable business environment. While inflation remains a challenge, the World Bank noted that the reforms were yielding positive results, including a significant increase in national revenue and a reduction in the fiscal deficit.