The Director General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, has urged the Federal Government to establish social safety nets for vulnerable Nigerians struggling with the effects of President Bola Tinubu's economic reforms.
Okonjo-Iweala made this appeal on Thursday following her meeting with President Tinubu at Aso Villa in Abuja, where discussions centered on Nigeria's economic trajectory.
While commending the administration's reform initiatives, including the removal of fuel subsidies and unification of foreign exchange windows, the former Nigerian Finance Minister emphasized the need for measures to protect citizens experiencing economic hardship.
"We think that the President and his team have worked hard to stabilize the economy. You cannot really improve an economy unless it is stable. So, he has to be given the credit for the stability of the economy. The reforms have been in the right direction," she stated.
The WTO chief further outlined the next critical steps for Nigeria's economic recovery, saying, "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. That's the next step."
Her recommendations come at a crucial time when many Nigerians are grappling with increased living costs resulting from the government's economic restructuring policies, which, while aimed at long-term stability, have created immediate challenges for households across the country.
Economic experts have noted that while the reforms are necessary for sustainable economic development, implementing comprehensive social protection programs would help mitigate the adverse effects on vulnerable populations and potentially increase public support for the ongoing economic transformation agenda.
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