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Fuel Hike: WTO DG Okonjo-Iweala, Tinubu discuss measures
Ngozi Okonjo-Iweala, World Trade Organization (WTO) director-general met with President Bola Tinubu of Nigeria to discuss measures, including support from the agency to help cushion the impact of fuel subsidy removal that has led to increase in fuel prices and cost of living.
Okonjo-Iweala said talks were on immediate community programmes to create jobs for young people and women “who are those bearing the brunt” and 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, Nigeria’s capital.
“We are going to try to do the most we can to support Nigerians at this particular time,” the WTO DG 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.
Reuters
