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The global economy faces deep uncertainties, particularly in the face of the COVID-19 pandemic. Furthermore, faith in the effectiveness of international organizations such as the World Trade Organization (WTO) has been weakened by a power struggle between China and the United States.
As the process of appointing a new head of the organization moves into its final phase, it is worth considering what leader Ngozi Okonjo-Iweala could bring to the complex role of managing an international organization, including the design and implementation of reforms.
The WTO describes itself as a forum for governments to negotiate trade agreements. A key objective of the WTO is the liberalization of trade for the mutual benefit of its members. This concept has become a divisive issue as a result of the perceived imbalances in the rights and obligations of members and the perceived uneven distribution of the gains from trade.
Okonjo-Iweala would be in a position to use her multifaceted experiences to encourage the 164 WTO members to work harder to achieve the value of multilateral trading systems. Given its experience in diplomatic management of people and institutions resistant to change, it could also propel member countries to overcome the challenges that have paralyzed the trade organization for years.
Okonjo-Iweala has acquired great negotiating skills from her experience negotiating with institutions and countries, as she did when negotiating debt relief for Nigeria.
In addition, Okonjo-Iweala has held senior positions in various international bodies, including businesses and non-profit organizations. Your ability to fill high-level positions in these disparate cultural settings means you will be able to navigate the complex terrain of an organization that is mandated to serve the interests of 164 member states.
His international exposure also means that he has developed an extensive network around the world that he is sure to draw on in the WTO post.
Furthermore, Okonjo-Iweala has a proven track record of carrying out successful reforms both at the World Bank and as Minister of Finance in Nigeria. Carrying out these reforms would have required negotiating with multiple voters.
The first days
Ngozi Okonjo-Iweala was born into a royal family of Chukwuka and Kamene Okonjo on June 13, 1954, in Delta State, Nigeria. His parents were professors at the University of Ibadan. He completed secondary school at the International School Ibadan and St. Anne’s School, Molete, Ibadan. The young Ngozi Okonjo-Iweala headed to Harvard University. He graduated in 1977 with honors in economics. He then completed a doctorate in regional economics and development at the Massachusetts Institute of Technology.
Okonjo-Iweala’s professional life points to decades at the heart of economic policy, both global and local.
He worked for many years at the World Bank, where he started as an intern. After earning his Ph.D., he returned to the bank to work as a development economist. She would spend 25 years in the institution, reaching the position of vice president.
Okonjo-Iweala spearheaded several World Bank initiatives to help low-income countries during the food and financial crises of 2008-2009. For example, as Managing Director of the World Bank from 2007 to 2011, she was responsible for overseeing the World Bank’s $ 81 billion operational portfolio in Africa, South Asia, Europe and Central Asia.
In 2010, he chaired the World Bank’s successful campaign to raise $ 49.3 billion in grants and low-interest credits for the world’s poorest countries.
In 2012, she became the first black and female candidate to run for the presidency of the World Bank Group. He lost to Jim Yong Kim, the president of Dartmouth College.
After working for some 25 years at the World Bank, negotiating and pushing for a progressive settlement and development, Okonjo-Iweala has developed highly honed negotiation skills.
In addition, he is a non-WTO person who offers the comprehensive skills and experience necessary to shake up the organization and advance global trade. Her African origin places her on a neutral political ground, allowing her, among other things, to objectively mediate on issues between China and the United States.
These skills and traits also mean that you are in a strong position to build a business institution where there is greater trust among its members.
Your service to Nigeria
In 2003, she was appointed Nigerian Finance Minister by then-President Olusegun Obasanjo. She became Prime Minister of Finance and had several reforms under her belt.
As Nigeria’s Finance Minister, she spearheaded negotiations with the Paris Creditors Club that led to the elimination of $ 30 billion of Nigeria’s debt, including the total cancellation of $ 18 billion.
He had several battles with powerful political interests in Nigeria. She cut the number of agencies in the country. She slashed fuel subsidies in a subsidy scheme that was entangled in a difficult web of corruption that caused the country to lose $ 6.8 billion over a three-year period.
Okonjo-Iweala introduced practical economic reforms that changed Nigeria’s world view as seemingly desperate and in a coma. It turned the largest economy in Africa upside down.
Nigeria, for the first time in history, had electronic financial management reforms. He also introduced macroeconomic reforms and many political strategies, such as a medium-term expenditure framework and medium-term budgets.
For a brief period in 2006, Okonjo-Iweala served as Nigeria’s Prime Minister for Foreign Affairs. After resigning from the government, he created a research organization, NOI Polls.
In 2011, she was re-elected as finance minister and coordinating economy minister by then-Nigerian President Goodluck Jonathan. He held the position until 2015. During that time, Nigeria’s economic growth rate averaged 6% per year.
Under his leadership, Nigeria’s Bureau of Statistics recalculated gross domestic product for the first time in 24 years. This saw Nigeria emerge as the largest economy in Africa. She received much criticism for the government’s decision to eliminate the fuel subsidy. Protests followed and the policy was reversed.
I have no doubt in my mind that Okonjo-Iweala would be an exemplary leader of the global trade organization because it would balance policies between advanced and developing economies to achieve sustainable global economic growth and development.
Ezebuilo Ukwueze does not work, consult, own shares, or receive funds from any company or organization that benefits from this article, and has disclosed no relevant affiliations beyond his academic appointment.
By Ezebuilo Ukwueze, Senior Lecturer, Department of Economics, Nsukka, University of Nigeria
