The Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, last week paid a working visit to President Bola Tinubu and commended the progress of Nigeria’s economy under his administration. The president, who has now spent 26 months in office, has introduced a series of economic reforms which have generated both praise and criticism across the country.
Addressing journalists after the meeting, Okonjo-Iweala remarked that the government had worked hard to stabilise the economy. According to her, “We think that the President and his team have worked hard to stabilise the economy. And you cannot really improve on the economy unless it is unstable. Tinubu has to be given the credit for the stability in the economy. So, the reforms have been in the right direction. What is needed next is growth.”
Her comments drew mixed reactions. While government officials and supporters welcomed the remarks as a validation of the administration’s economic policies, many Nigerians took to social media to express disappointment. They argued that the WTO boss overlooked the widespread hardship caused by rising inflation, high living costs and the strain of reforms on households.
Observers have pointed out that Okonjo-Iweala’s position as the head of a United Nations trade body demands diplomacy rather than political confrontation. As a former World Bank official, her assessments often align with those of international financial institutions such as the IMF and World Bank, both of which have endorsed Tinubu’s policies but criticised aspects of their implementation.
The president’s economic agenda, shaped largely by recommendations from the Bretton Woods institutions, has brought some stability compared to the decline inherited from the Buhari administration. Indicators such as a stronger Naira exchange rate, steady foreign exchange inflows, improved tax and Customs revenues, the return of domestic refining of petroleum and increased crude oil output have been cited as evidence of progress.
However, the benefits have yet to trickle down to ordinary Nigerians. The rising costs of food, energy, transport and housing continue to stretch family incomes, with critics insisting that stability means little if the people remain under pressure. Government efforts to cushion the impact through palliatives and social programmes have produced limited results, while the lavish lifestyle of political elites has further alienated the public.
Analysts argue that for the reforms to be truly effective, they must translate into tangible improvements in the lives of citizens. Growth, as Okonjo-Iweala emphasised, is the next step, but many Nigerians insist that growth must be inclusive, people-centred and accompanied by responsible governance if it is to restore confidence in the nation’s economic future.
