One of the most powerful and influential personality in the world right now, she is a remarkable Nigerian-American economist, currently holds the prestigious position of Director-General of the World Trade Organization (WTO) since March 2021. Breaking barriers, she made history as the first woman and the first African to lead the WTO.
Beyond her role at the WTO, her influence extends across various sectors, making her a prominent figure in global affairs.
Dr Ngozi Okonjo-Iweala was born on the 13th day of June 1954 to Chukwuka Okonjo and Kamene Okonjo in Delta State, Nigeria.Her father, Chukwuka Okonjo was the Eze of the Obahai Royal Family of Ogwashi-Ukwu he was also a mathematician and economist while her mother, Kamene Okonjo was a professor, who raised seven children including Ngozi.
Education
The educational path of Ngozi Okonjo-Iweala passes through several esteemed establishments, commencing at Queen’s School in Enugu and continuing through St. Anne’s School in Molete, Ibadan, Oyo State, and the International School Ibadan. But when she traveled across the Atlantic to enroll at Harvard University in 1973, her academic career took a global turn.
Harvard proved to be a pivotal chapter in her academic journey. In 1976, she graduated magna cum laude with an AB in Economics, laying the foundation for her future contributions to the field. Eager to delve deeper into the complexities of economic planning, she pursued a master’s degree in city planning, which she obtained in 1978. Undeterred by the challenges of rigorous academic pursuits,Ngozi Okonjo-Iweala achieved another milestone in 1981 when she earned her PhD in regional economics and development from the Massachusetts Institute of Technology.
Her doctoral thesis, titled “Credit policy, rural financial markets, and Nigeria’s agricultural development,” showcased her dedication to addressing critical issues in her home country. During this period, Ngozi Okonjo-Iweala’s commitment to academic excellence was recognized through an international fellowship from the American Association of University Women (AAUW), which provided crucial support for her doctoral studies.
Beyond the halls of academia, Dr Ngozi’s journey would eventually lead her to the global stage. Her story is not just one of academic achievements but also a narrative of resilience, international collaboration, and a commitment to addressing economic challenges, particularly in the context of Nigeria’s agricultural development.
As her academic journey laid the groundwork for a distinguished career, Ngozi Okonjo-Iweala’s impact would extend far beyond the classroom, marking her as a key figure in international economics and diplomacy. Her journey from the royal family in Ogwashi-Ukwu to the pinnacle of global economic leadership is a testament to her dedication, intellect, and the transformative power of education.
World Bank Stint
With a 25-year career at the World Bank, she rose to the position of Managing Director, Operations. Her influence was evident in overseeing the World Bank’s operational portfolio of $81 billion across Africa, South Asia, Europe, and Central Asia. During crises like the 2008–2009 food crisis and the subsequent financial crisis, she spearheaded initiatives to aid low-income countries.
In 2010, she chaired the IDA replenishment, a successful drive that raised $49.3 billion in grants and low-interest credit for the world’s poorest nations. Her commitment to effective development cooperation was further demonstrated as a member of the Commission on Effective Development Cooperation with Africa.
Political Leadership in Nigeria
Returning to Nigeria, Ngozi Okonjo-Iweala served twice as the country’s Finance Minister (2003–2006 and 2011–2015). Notably, during her first term, she led negotiations with the Paris Club resulting in the cancellation of $30 billion of Nigeria’s debt. Her strategic approach included implementing an oil-price-based fiscal rule and creating the “Excess Crude Account” to mitigate macroeconomic volatility.
In her second term, she played a pivotal role in enhancing transparency and combating corruption through initiatives like the Government Integrated Financial Management System (GIFMS), the Integrated Personnel and Payroll Management System (IPPMS), and the Treasury Single Account (TSA). These reforms eliminated ghost workers, saving the government approximately $1.25 billion.
Her impactful legacy also includes the establishment of the Nigerian Mortgage Refinance Corporation in 2013, stimulating the housing sector. Ngozi Okonjo-Iweala’s leadership at the National Bureau of Statistics led to the rebasing of Nigeria’s Gross Domestic Product (GDP), making it the largest economy in Africa.
Global Engagements
Beyond her governmental roles, she has been actively engaged in global initiatives. As a co-chair of the Global Commission for the Economy and Climate, she contributes to shaping sustainable economic policies. Her involvement in the International Commission on Financing Global Education Opportunity, the Eminent Persons Group on Global Financial Governance, and co-chairing the G20 High Level Independent Panel on pandemic preparedness showcases her commitment to addressing global challenges.
WTO Director-General and Recent Contributions
In June 2020 , Ngozi Okonjo-Iweala was nominated as Nigeria’s candidate for the WTO Director-General position. Despite facing challenges during the selection process, she emerged victorious in February 2021, assuming office on March 1, 2021. Her tenure began with a focus on addressing global issues, co-chairing the G20 High-Level Independent Panel on financing pandemic preparedness, and contributing to the COVAX Facility, aiming to provide affordable vaccines to Low and Middle-Income Countries.
Personal and Honorary Achievements
Ngozi Okonjo-Iweala’s personal life is as distinguished as her professional one. Committed to renowned neurosurgeon Ikemba Iweala, who is from Umuahia, Abia State, Nigeria, their marriage has blossomed over the years and that union has grown into a family of four, with one of their children, Uzodinma Iweala, becoming a well-known author.
Her accolades and recognitions are extensive, with numerous awards such as being listed among the Top 100 Most Influential People in the World by TIME and Forbes naming her among the Top 100 Most Powerful Women multiple times. She has received honorary doctorate degrees from 21 universities worldwide, including Brown University, Yale University, and Tel Aviv University.
Notable Engagements and Positions
Ngozi Okonjo-Iweala’s influence extends to various sectors, as reflected in her involvement with prestigious organizations and boards. Notable positions include being a member of the Twitter Board of Directors, sitting on boards such as Danone and Standard Chartered Bank, and chairing organizations like GAVI and the African Risk Capacity.
Her commitment to education is evident through her role as a distinguished fellow at the Brookings Institution’s Africa Growth Initiative and co-chairing the Global Commission on the Economy and Climate. Additionally, she founded Nigeria’s first indigenous opinion-research organization, NOI-Polls, and the Centre for the Study of the Economies of Africa (C-SEA).
Ongoing Contributions and Future Endeavors
Continuing her active involvement, she serves on various international advisory boards, including the Japan International Cooperation Agency (JICA) and the Asian Infrastructure Investment Bank (AIIB). She remains a member of corporate boards like Danone and Twitter, contributing her expertise to diverse sectors.
In 2022, Ngozi Okonjo-Iweala joined The Group of Thirty (G30), an independent body of distinguished policymakers worldwide, further solidifying her commitment to shaping global policies. Her impact stretches beyond her official roles, revealing a multifaceted individual whose influence resonates in various spheres across the globe.
Philanthropy and Advocacy
Notably, her commitment to humanitarian causes is evident through her involvement with organizations like GAVI: Global Alliance for Vaccines and Immunization. Serving as Chair of the Board from 2016 to 2020, she played a crucial role in promoting access to vaccines globally. As a special envoy for the African Union and the World Health Organization during the COVID-19 pandemic, Ngozi Okonjo-Iweala tirelessly advocated for international support to address the economic impact of the crisis by mediating and consulting with global decision policy makers.
Innovation and Entrepreneurship Support
Ngozi Okonjo-Iweala’s commitment to nurturing innovation and entrepreneurship shines through her endorsement of impactful initiatives such as the Youth Enterprise with Innovation Programme (YouWIN). This groundbreaking program, unveiled during her tenure as Finance Minister, stands as a testament to her dedication to empowering young entrepreneurs and catalyzing economic growth.
YouWIN, under Okonjo-Iweala’s stewardship, became a catalyst for positive change by providing a platform for budding entrepreneurs to flourish. This visionary initiative not only fostered innovation but also became a powerful engine for job creation, leaving an indelible mark on the socio-economic landscape.
Beyond her role as a visionary leader, Ngozi Okonjo-Iweala is widely recognized for her advocacy on the global stage. Her efforts to address complex economic challenges have earned her respect and admiration worldwide. As a trailblazer, she has consistently championed policies that promote financial stability and inclusive growth.
In the realm of international finance, Okonjo-Iweala’s influence extends to her significant roles at organizations like the World Bank, where she served as Managing Director. Her leadership acumen, coupled with a keen understanding of economic dynamics, has positioned her as a key player in shaping global economic policies.
Ngozi Okonjo-Iweala’s journey is characterized not only by her professional achievements but also by her commitment to making a positive impact on society. Her remarkable career trajectory reflects a steadfast dedication to creating opportunities for the next generation of leaders and fostering an environment where innovation thrives.
Women’s Empowerment and Gender-Responsive Budgeting
A trailblazer for women’s empowerment, she introduced impactful initiatives such as the Growing Girls and Women in Nigeria Programme (GWIN). This gender-responsive budgeting system aimed to address the unique needs of women and youth, fostering inclusivity and promoting gender equality in economic development.
Facing Challenges with Resilience
Her journey has not been without challenges. During her time as part of Goodluck Jonathan’s administration, Ngozi Okonjo-Iweala faced adversity, including death threats and the kidnapping of her mother, as she sought to reform Nigeria’s fuel subsidy payments in 2012. Her resilience and determination in the face of adversity underline her commitment to ethical governance and transparent economic practices.
Literary Contributions
Beyond her impactful career, Ngozi Okonjo-Iweala has contributed to the literary world. In 2003, she co-authored “Chinua Achebe: Teacher of Light, A Biography,” shedding light on the life of the renowned Nigerian writer. Her involvement in literary pursuits showcases a diverse range of interests beyond the realms of economics and politics.
Global Recognition and Awards
Her accolades extend to various prestigious awards, including the BBC’s 100 Women list in 2017 and being named among TIME’s European Heroes in 2004.Ngozi Okonjo-Iweala’s recognition is not limited to her economic and political contributions but also encompasses her role as a global influencer, shaping narratives and inspiring change.
Ongoing Commitment to Education
As a member of UNESCO’s International Commission on the Futures of Education since 2019, Ngozi Okonjo-Iweala continues to contribute to shaping global education policies. Her engagement with the Aspen Management Partnership for Health and the High-Level Council on Leadership & Management for Development further highlights her dedication to advancing education and healthcare initiatives worldwide.
Cultural and Artistic Engagement
While often recognized for her economic and political roles, Ngozi Okonjo-Iweala’s cultural engagement is noteworthy. Her association with the African University of Science and Technology and the Nelson Mandela Institution, where she serves as Chair of the Board, reflects a commitment to fostering educational and cultural advancements on the African continent.
Futuristic Vision for Global Commons
As co-chair of the G20 High-Level Independent Panel on financing the global commons for pandemic preparedness, Ngozi Okonjo-Iweala demonstrates a forward-thinking approach to addressing global challenges. Her involvement in initiatives that anticipate and strategize for future crises underscores her commitment to creating a resilient and sustainable world.
Conclusion
Ngozi Okonjo-Iweala’s journey from a small town in Nigeria to the helm of global economic leadership is a testament to her resilience, expertise, and commitment to positive change.
As Director-General of the WTO, she continues to navigate complex global challenges with a focus on inclusivity, transparency, and sustainable development. She is not just one of professional accomplishments but a narrative of resilience, compassion, and versatility. From her advocacy for global health to her support for entrepreneurship and women’s empowerment, she continues to leave an indelible mark on the world, embodying the values of leadership, innovation, and social responsibility.
Her multifaceted contributions across politics, economics, and global initiatives underscore her enduring impact on the world stage.
She is a woman of repute and an irreplaceable jewel in global policy formulation and implementation
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Written by Pamella Tori
