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Ngozi Okonjo-Iweala: Breaking Barriers and Redefining Global Economics (2)

Ngozi Okonjo-Iweala

Championing Economic Reforms as Nigeria’s Finance Minister

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Dr. Ngozi Okonjo-Iweala became Nigeria’s first female Minister of Finance and Economy in 2003. She was also the head of Nigeria’s much acclaimed Presidential Economic team responsible for implementing a comprehensive home-grown economic reform program that stabilized the macro-economy and tripled the growth rate to an average 6% per annum over three years. During her tenure, she spearheaded critical reforms aimed at stabilizing the economy and increasing transparency.

One of her most notable achievements was negotiating a historic $30 billion debt relief deal with the Paris Club in 2005, including a $18 billion debt cancellation. The debt deal also included an innovative buy-back mechanism that wiped out Nigeria’s Paris Club debt and reduced the country’s external indebtedness from $35 billion to $5 billion. This singular feat reduced Nigeria’s external debt significantly, enabling the country to redirect funds toward infrastructure and social programs. Dr. Okonjo-Iweala oversaw Nigeria’s first Sovereign credit rating of BB—from Fitch and Standard and Poor’s—a rating that grouped Nigeria with other emerging market countries such as Vietnam, Venezuela and the Philippines.

While serving as a minister, she introduced the publication of federal allocations to states, fostering accountability and transparency. This policy curbed corruption and improved public trust in governance. Additionally, she established the Excess Crude Account, which served as a savings buffer for economic stabilization.

From June to August 2006, she became the Minister of Foreign Affairs of Nigeria, overseeing Nigeria’s External Relations. Dr. Ngozi distinguished herself by carrying out major reforms which improved the effectiveness of these two Ministries and the functioning of the government machinery. From September 2006 to November 2007, she was Distinguished Visiting Fellow at Brookings Institution.

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Ngozi Okonjo-Iweala
Image gotten from Hausa Time News

Dr. Ngozi Okonjo-Iweala spearheaded several World Bank initiatives to assist low-income countries during the 2008-2009 food crises and later during the financial crisis. In 2010, she was the chairperson of the International Development Association (IDA) replenishment, the World Bank’s successful drive to raise $49.3 billion in grants and low-interest credit for the poorest countries in the world. During her time at the World Bank, she was also a member of the Commission on Effective Development Cooperation with Africa, which was set up by Danish Prime Minister Anders Fogh Rasmussen and held meetings between April and October 2008.

As Managing Director of the World Bank, she had oversight responsibility for the World Bank’s $81 billion operational portfolio in Africa, South Asia, Europe and Central Asia. Dr. Okonjo-Iweala spearheaded several World Bank initiatives to assist low-income countries during the 2008-2009 food crisis and later during the financial crisis. In 2010, she was Chair of the World Bank’s successful drive to raise $49.3 billion in grants and low interest credit for the poorest countries in the world.

From 2011 to 2015, Dr. Okonjo-Iweala returned as Finance Minister under President Goodluck Jonathan. She focused on job creation, particularly for youth, and implemented programs such as the Youth Enterprise with Innovation in Nigeria (YouWIN). This initiative empowered thousands of entrepreneurs. She was also involved in trade negotiations with other West African countries and contributed to the overhaul of Nigeria’s trade policy enabling it to enhance its competitiveness.

Dr. Ngozi Okonjo-Iweala is the recipient of numerous awards, including Honorary Doctorates from Trinity College, Dublin, Brown University and Amherst College, among others. She is the recipient of Time magazine’s European Hero of the Year Award, 2004, for her work on economic reform in Nigeria, Euromoney magazine Global Finance Minister of the year, 2005, Financial Times/The Banker African Finance Minister of the year 2005, This Day (one of Nigeria’s premier newspapers) Minister of the Year award 2004 and 2005.  In 2006, she was named by Forbes magazine as one of 100 most powerful women in the world.

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