By Emmanuel Nduka Obisue
Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has urged the Nigerian Government to exercise caution in borrowing and debt management, stressing that ongoing economic reforms must ultimately improve the lives of Nigerians through job creation and expanded economic opportunities.
Speaking on Wednesday at the seventh Africa Emerging Markets Forum in Abuja, the former Nigerian finance minister called on the government to sustain its macroeconomic reforms while ensuring fiscal discipline and prudent debt management.
While commending the Central Bank of Nigeria (CBN) for reforms in monetary policy and the foreign exchange market, Okonjo-Iweala said the country must remain focused on broader structural reforms without allowing debt levels to become unsustainable. “Nigeria needs to continue the work on overall macroeconomic reforms with a careful approach to fiscal issues, contracting of debt and debt management,” the WTO chief stated.
Her remarks come as Nigeria’s public debt continues to climb. According to the Debt Management Office (DMO), the country’s total public debt rose to N159.28 trillion as of December 31, 2025, representing an increase of N14.61 trillion, or 10.1 per cent, from N144.67 trillion recorded at the end of 2024. The figure includes liabilities owed by the Federal Government, the 36 states and the Federal Capital Territory, with additional borrowing expected to finance the 2026 budget deficit.
Okonjo-Iweala, however, maintained that the true measure of the government’s reforms should not be reflected only in economic statistics but in the tangible benefits felt by ordinary citizens. “Above all, Nigeria needs to focus on creating jobs and economic opportunities for a young and hungry population. Nigerians have to feel the dividends of reform in the real economy,” noted the WTO chief.
Nigeria has one of the world’s youngest populations, with millions of young people entering the labour market annually. However, unemployment and underemployment remain among the country’s biggest socio-economic challenges.
Since assuming office in May 2023, President Bola Tinubu’s administration has implemented sweeping economic reforms, including the removal of petrol subsidy and the liberalisation of the foreign exchange market. Although the policies have been hailed by many economists as necessary for long-term economic stability, they have also triggered sharp increases in the cost of living, with Nigerians grappling with higher prices for food, transportation and other essential goods.
Latest figures from the National Bureau of Statistics (NBS) show that Nigeria’s headline inflation rate eased marginally to 15.91 per cent in June 2026 from 15.93 per cent in May. Food inflation, however, climbed to 17.52 per cent, indicating that many households continue to face rising food costs despite the slight moderation in overall inflation.
Looking beyond Nigeria, Okonjo-Iweala said the ongoing shifts in global trade present significant opportunities for countries with stable economic policies and favourable investment climates.
She noted that businesses are increasingly looking for new places to invest and diversify their supply chains, creating opportunities for countries that can offer stability and predictable policies. She urged Nigeria to continue strengthening its economy so it can attract long-term investment and create more jobs for its people.
