Comments by the Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, on President Bola Tinubu’s economic reforms have triggered widespread reactions from Nigerians, with many expressing differing views on the state of the country’s economy.
Speaking on Nigeria’s economic reforms, Okonjo-Iweala said President Tinubu deserves credit for stabilising an economy that was in a difficult state when he assumed office.
“You cannot improve an economy until it is stable, so we have to give the credit to President Bola Ahmed Tinubu for stabilising the economy far better than what he inherited,” she said.
According to her, the next challenge for the administration is to drive economic growth while strengthening social safety nets to ensure ordinary Nigerians benefit from the reforms.
“He’s in the right direction, and what he needed next is growth and social safety nets in order to grow the economy,” she added.
Her comments have since generated extensive debate on social media, with supporters and critics offering contrasting interpretations.
Some Nigerians agreed with the WTO chief’s assessment, arguing that difficult reforms such as the removal of fuel subsidy were necessary to lay the foundation for long-term economic recovery. They maintained that economic stabilisation must precede growth and urged Nigerians to allow more time for the reforms to yield tangible benefits.
Others called on the Federal Government to expand social safety programmes, provide greater support for small and medium-sized enterprises (SMEs), strengthen public institutions, uphold the rule of law, and create a more conducive environment for investment.
However, critics argued that while macroeconomic indicators may have improved, many Nigerians are yet to experience any meaningful relief from the rising cost of living. They contended that the benefits of the reforms have not translated into improved living standards, citing persistent inflation, rising food prices, increased transportation costs, higher school fees, and soaring house rents.
Some also faulted the government for failing to adequately cushion the impact of subsidy removal and exchange rate reforms, insisting that the hardship faced by citizens has overshadowed any gains from economic stabilisation.
The debate reflects the continuing divide in public opinion over the Tinubu administration’s economic policies, with supporters viewing the reforms as necessary but painful steps toward long-term growth, while critics argue that the expected benefits have yet to reach ordinary Nigerians.
