- Stability opens door for investments, says Edun
- First Lady lauds WTO DG’s $50m women fund
The Tinubu Administration deserves credit for stabilising the economy, Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, said yesterday.
She lauded President Bola Ahmed Tinubu’s sweeping economic reforms, describing them as pivotal in restoring economic stability and laying the groundwork for sustainable growth.
She spoke after visiting the President at the State House, Abuja, yesterday.
Also yesterday, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated that Nigeria remains “open and ready for business” with the rest of the world.
He pointed to improved economic indicators as evidence of a stable and investment-friendly environment.
Dr. Okonjo-Iweala, former finance minister and coordinating minister of the economy, commended the Tinubu Administration’s decisive policy direction.
She believes the next focus should be on accelerating growth and cushioning citizens from the reform-induced cost-of-living crisis.
Dr. Okonjo-Iweala said: “We think that the President and his team have worked hard to stabilise the economy, and you cannot improve an economy unless it’s stable.
“So, he has to be given the credit for the stability of the economy. The reforms have been in the right direction.
“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.”
The WTO chief said her discussions with President Tinubu centred on how to build robust safety nets while unlocking growth through job creation, expanded investment opportunities, and increased household incomes.
Dr. Okonjo-Iweala was in Abuja to brief the President on the launch of the Women Exporters in the Digital Economy (WEIDE) Fund, a joint initiative of the WTO and the International Trade Centre (ITC), unveiled earlier with the support of the First Lady, Senator Oluremi Tinubu.
The $50 million global fund will empower women entrepreneurs in digital trade.
Dr Okonjo-Iweala explained that the programme is designed to help women entrepreneurs build resilience against economic shocks, create jobs, and contribute more significantly to national development.
Nigeria emerged as one of only four countries selected globally after a highly competitive process involving 67,000 applicants.
A total of 146 Nigerian women entrepreneurs were chosen for the first phase of the scheme.
Sixteen beneficiaries in the “booster track”, those already running businesses, will receive intensive technical and business development support for 18 months to scale up operations and create more jobs.
Another 100 women will each receive $5,000 in direct funding along with one year of business mentorship.
“This is just the beginning. We will all work together — the WTO, the ITC, the Ministry of Trade and Investment, and the Nigerian Export Promotion Council — to make sure these businesses expand, employ more people, and put more money in both households’ pockets and the nation’s pocket,” she said.
Dr. Okonjo-Iweala noted that the initiative represents a social safety net in itself, empowering women to withstand economic challenges while positioning them as drivers of inclusive growth.
Edun: strong, stable economy opens up Nigeria for business
Edun, who spoke during a briefing on the state of the economy, said recent data on the country’s external sector, fiscal discipline, and subnational funding all point to a more resilient economic foundation.
“When we look at the external sector, in the first quarter of 2025, the trade surplus was over $4 billion and exports increased by 9.8 per cent.
“The exchange rate has been relatively stable with reserves up to $39 billion in July,” Edun said.
“I think these metrics, which speak to stability, send a clear message.”
According to him, the government’s policy direction has created “stable macroeconomic conditions against which people can plan and they can invest.”
Edun noted that one of the key changes introduced by the administration is the restoration of fiscal discipline, particularly by halting the uncontrolled use of Ways and Means advances from the Central Bank.
He said: “Steps have been taken to restore fiscal discipline and balance, and we have ended the unauthorised and above-limits funding by Ways and Means. There have been no debits to Ways and Means since early in this administration.
“Gross revenues are 37.4 per cent of government revenues in the first half of 2025 compared to 2024.
“Following GDP rebasing, we do have a ratio now of debt to GDP of less than 40 per cent, 38.8 per cent down from 52.1 per cent.”
He added that this fiscal space had allowed the government to settle significant outstanding obligations.
“In the last quarter, we did pay two contractors over two trillion to settle outstanding capital budget obligations from last year.
“We, as a government, have no pending obligations that are not being processed and financed through the platform.
“The focus will now shift to 2025 capital releases. Despite appropriation, it is when funds are made available and authorised for spending that government entities… should enter into binding commitments of government.”
The minister said the administration has been increasing resources available to state governments for education, health, and infrastructure by repaying past deductions from the Federation Account.
“Since the first half of 2023, the combined fiscal balance of the states has grown from 1.8 per cent of GDP to 3.1 per cent.
“That’s from N2.8 trillion to over N7.1 trillion exactly, which is a surplus,” Edun said.
“This has given them greater capacity to invest, and from an economic classification standpoint, the increase in spending of the states has mainly gone to capital expenditure.”
He linked the improved state finances to reforms, including the removal of subsidies that previously cost about five per cent of GDP, with the savings now flowing into the Federation Account.
“Not just that, but adhering to the rule of law and the sanctity of contracts, previously owed funds were now being systematically made available,” he added.
On domestic resource mobilisation, Edun said Nigeria is implementing its most comprehensive tax reform to date, consolidating all tax laws into a single transparent framework, removing over 50 overlapping taxes, and reducing the complexity of tax compliance.
“This is improving the ease of doing business and making the investment climate that much more attractive,” he said, adding that implementation will commence in January 2026.
To support this, he said the government is introducing a revenue optimisation and assurance platform, applying technology, digitisation, and artificial intelligence to government revenue collection.
“We are centralising and digitising the revenue collections from the ministries, departments and agencies, using technology to prevent leakages, and enhancing financial intelligence for decision making and very strong monitoring,” he explained.
Edun restated the government’s medium-term goal of achieving seven per cent annual GDP growth, driven by public and private investment, job creation, and higher incomes.
Priority sectors include agriculture, education, health, manufacturing, technology, and infrastructure.
He cited recent efforts to attract private investment in Lagos bridges — including the Third Mainland and Carter bridges — as examples of the government’s push for public-private partnerships.
“When you look at the population of Lagos and the size of the economy there, clearly it is a veritable ground for attracting PPP investments,” he said.
The government, he added, is complementing private capital with public savings, while programmes like the Renewed Hope Award Development Programme are being rolled out to drive inclusive development.
On agriculture, the minister admitted that performance needs improvement beyond the 0.7 per cent annual growth recorded in the first quarter of 2025.
On energy, he said: “We do have a target of increasing to 6,000 megawatts by the end of this year.
“We are looking to complete the Ajaokuta-Kaduna-Kano AKK pipeline to provide reliable and affordable energy for industrial growth.”
Edun said the government’s direct distribution of funds to vulnerable Nigerians is ongoing, with about half of the targeted 15 million people already reached.
“About 8 million have been reached… and it’s not just once, it’s three payments, and that continues,” he said.
The government, he added, is ensuring the process is transparent and accountable, with each beneficiary biometrically identified and paid digitally.
Other support initiatives include NELFUND, the Consumer Credit Scheme, the upcoming Youth Investment Bank, and targeted funding for the digital and creative economy, including a €600 million facility with a special allocation for young women.
“Our commitment is to build an economy that works for everyone with transparency, resilience, and purpose,” Edun concluded.
First Lady hails Okonjo-Iweala
The First Lady, Oluremi Tinubu, commended Dr Okonjo-Iweala on the $50 million fund for women’s empowerment.
She spoke while inaugurating the Women Exporters in the Digital Economy (WEIDE) Fund.
The First Lady said: “The inauguration is an important step towards expanding the participation of Nigerian women in global trade through digital tools.
“This initiative aligns with the Renewal Hope Agenda of this administration and the President’s effort to diversify the economy and empower women-led enterprises.”
Represented by the Wife of the Vice President, Hajiya Nana Shettima, Senator Tinubu underscored the need for women to embrace investment opportunities while leveraging digital platforms.
She said stakeholders have a role to play in sustaining women-led enterprises and investments.
“I urge all stakeholders present, governments, financial institutions, and non-profit organisations to sustain investment in women-led enterprises.
“I urge them to continue to support inclusive policies that foster digital access, trade readiness, and competitiveness,” she said.
