Ngozi Okonjo Iweala
- MJKG
- Oct 28, 2024
- 2 min read
Nigeria recently removed its fuel subsidy, forcing citizens to pay full market prices for fuel. If fuel originally cost ten thousand Naira per litre with the government subsidizing it to six thousand Naira, citizens must now pay the full amount – and watch as prices fluctuate with market forces, continuously affecting their pockets. This has dramatically affected Nigerians.
This momentous decision echoes back to an earlier attempt led by former Finance Minister Ngozi Okonjo-Iweala, who faced fierce resistance when proposing similar reforms. During her tenure, Okonjo-Iweala argued that the subsidy was unsustainable, costing the nation $8 billion annually while fostering corruption within the system. Her reforms didn’t succeed, as it was met with protests from Nigerians and serious public outcry.
Mrs Iweala's current role as the seventh Director General of the World Trade Organization marks a historic milestone as she is both the first woman and the first African to hold this prestigious position. At 66, her appointment crowns a remarkable career built on exceptional academic credentials and extensive experience in global finance.
She earned her bachelor’s degree in economics from Harvard University and a Ph.D. from the Massachusetts Institute of Technology. This solid foundation led to a 25-year career at the World Bank, where she rose to become Managing Director of Operations, overseeing an $81 billion portfolio across multiple regions.
Similarly, during her tenure as Nigeria's Finance Minister under Presidents Olusegun Obasanjo and Goodluck Jonathan, Okonjo-Iweala tackled some of the country's most challenging economic issues.
One of her most significant achievements was leading the Nigerian team that negotiated a remarkable debt deal with the Paris Club in October 2005. This agreement resulted in the cancellation of 60% ($18 billion) of Nigeria's external debt, reducing the country's total foreign debt from $35 billion to $5 billion during her tenure.
Her reforms included innovative measures such as de-linking the national budget from oil prices, establishing a savings mechanism that proved crucial during the 2008-2009 global financial crisis.
Her anti-corruption initiatives, particularly in the fuel sector, made powerful enemies. In a shocking turn of events, her mother was kidnapped at age 82 – an act Okonjo-Iweala believed was retaliation from unscrupulous oil marketers affected by her reforms.
She was named Forbes African of the Year in 2020 and ranked among Fortune's 50 Greatest World Leaders in 2015, she has also served on the boards of Standard Chartered PLC and Twitter Inc. When asked by the public, she was often said to be "honest, transparent and accountable”.
As she once said, "women tend to be less corrupt" – a statement that, in her case, was backed by years of demonstrated integrity and commitment to economic reform, even in the face of significant personal risk and political opposition.
~Maryam J-K Gadzama, Chief Editor 24/25 Committee
References
World bank Organization. Accessed 26th October. URL https://blogs.worldbank.org/en/team/n/ngozi-okonjo-iweala
Ngozi Okonjo Iweala, about her. Accessed 26th October. URL https://www.rockefellerfoundation.org/profile/ngozi-okonjo-iweala/
The Nigerian American Economist. Accessed 26th October. URL https://www.britannica.com/money/Ngozi-Okonjo-Iweala
Ngozi Okonjo Iweala makes history at WTO. Accessed 26th October. URL https://www.bbc.co.uk/news/world-africa-54903788
Image. Accessed 28th October. URL
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