8th August, 2023
World Trade Organisation (WTO) director-general, Ngozi Okonjo-Iweala said on Tuesday she discussed measures, including support from the agency, with President Bola Tinubu.
She said the measure she discussed with Tinubu could help cushion the impact of ending a subsidy on petrol that has increased the cost of living in Nigeria.
Okonjo-Iweala, who is on a private visit to Nigeria, her home country, said talks focussed on immediate community programs to create jobs for young people and women, who are “those bearing the brunt”.
She also said she discussed long-term opportunities that Nigeria can seize, including investment in the pharmaceutical industry.
“We are already working in Nigeria with women in particular, who own small and medium enterprises, to try to help them upgrade the quality of their products, whether it’s in agricultural, textiles, and in other areas so that they can sell more internationally,” she told reporters in Abuja, the capital.
“We are going to try to do the most we can to support Nigerians at this particular time,” she said.
Since being sworn into office on May 29, Tinubu has embarked on the country’s boldest reforms in decades, scrapping the popular but expensive subsidy, which cost $10 billion last year, and relaxing foreign exchange regime.
Tinubu, who is under pressure as prices soar following his reform agenda, has defended his decision saying Nigeria has saved over 1 trillion naira ($1.31 billion) in just over two months since reforms were started.