Ngozi Okonjo-Iweala

Ngozi Okonjo-Iweala, at the 2004 Spring Meetings of the International Monetary Fund and the World Bank Group

Okonjo-Iweala spent a 25-year career at the World Bank in Washington DC as a development economist, rising to the No. 2 position of Managing Director. As Managing Director, she had oversight responsibility for the World Bank’s $81 billion operational portfolio in Africa, South Asia, Europe and Central Asia. 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 Chair of the 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.[6] 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 the Prime Minister Anders Fogh Rasmussen of Denmark and held meetings between April and October 2008.[7]

Okonjo-Iweala served twice as Nigeria’s Finance Minister and also as Minister of Foreign Affairs. She was the first female to hold both positions. During her first term as Minister of Finance under president Obasanjo’s Administration, she spearheaded negotiations with the Paris Club that led to the wiping out of US$30 billion of Nigeria’s debt, including the outright cancellation of US$18 billion.[8] In 2003 she led efforts to improve Nigeria’s macroeconomic management including the implementation of an oil-price based fiscal rule where revenues accruing above a reference benchmark oil price were saved in a special account, “The Excess Crude Account” which helped to reduce macroeconomic volatility.[9]

She also introduced the practice of publishing each state's monthly financial allocation from the Federal Government of Nigeria in the newspapers. This action went a long way in increasing transparency in governance.[10] [11] With the support of the World Bank and the IMF to the Federal Government of Nigeria, she helped build an electronic financial management platform—the Government Integrated Financial Management and Information System (GIFMIS), including the Treasury Single Account (TSA) and the Integrated Payroll and Personnel Information System (IPPIS), helping to curtail corruption in the process. As at 31 December 2014, the IPPIS platform had eliminated 62,893 ghost workers from the system and saved the Nigerian government about $1.25 billion in the process.[12]

Okonjo-Iweala was also instrumental in helping Nigeria obtain its first ever sovereign credit rating (of BB minus) from Fitch Ratings and Standard & Poor’s in 2006.[2]

Following her first term as Minister of Finance, she returned to the World Bank as a Managing Director in December 2007.

In 2011, Okonjo-Iweala was re-appointed as Minister of Finance in Nigeria with the expanded portfolio of the Coordinating Minister for the Economy by President Goodluck Jonathan. Her legacy includes strengthening Nigeria’s public financial systems and stimulating the housing sector with the establishment of the Nigerian Mortgage Refinance Corporation (NMRC).[13] She also empowered Nigeria’s women and youth with the Growing Girls and Women in Nigeria Programme (GWIN); a gender responsive budgeting system,[14] and the highly acclaimed Youth Enterprise with Innovation programme (YouWIN); to support entrepreneurs, that created thousands of jobs.[15]

This program has been evaluated by the World Bank as one of the most effective programmes of its kind globally. Under her leadership, the National Bureau of Statistics carried out a re-basing exercise of the Gross Domestic Product (GDP); the first in 24 years, which saw Nigeria emerge as the largest economy in Africa.[16] She took a lot of heat for the fuel subsidy removal policy by the Nigerian government, which led to protests in January 2012.[17] In May 2016, the new Nigerian administration eventually removed the fuel subsidy after it became apparent that it was unsustainable and inefficient.[18]

Okonjo-Iweala is co-chair of the Global Commission for the Economy and Climate, with Nicholas Stern and Paul Polman.[19] Previously, she served as the co-Chair of the Global Partnership for Effective Development Cooperation.[20]

In the past, Okonjo-Iweala was also a member of the International Commission on Financing Global Education Opportunity (2015-2016), chaired by Gordon Brown; the Commission on the New Climate Economy (also co-Chaired by Paul Polman and Lord Nicholas Stern); the World Economic Forum Young Global Leaders Foundation; the United Nations’ Secretary General’s High-Level Panel on the Post-2015 Development Agenda (2012-2013); and the renowned Growth Commission (2006-2009), led by Nobel Prize winner Professor Michael Spence.

Okonjo-Iweala is the founder of Nigeria’s first indigenous opinion-research organization, NOI-Polls.[21] She also founded the Center for the Study of Economies of Africa (C-SEA),[22] a development research think tank based in Abuja, Nigeria’s capital and is a Distinguished Visiting Fellow at the Center for Global Development and the Brookings Institution.

In 2012, Okonjo-Iweala was a candidate for president of the World Bank, running against Dartmouth College President Jim Yong Kim; if elected, she would have been the organization's first female president.[23]

Since 2019, Okonjo-Iweala has been part of UNESCO's International Commission on the Futures of Education, chaired by Sahle-Work Zewde.[24] In 2020, the International Monetary Fund's Managing Director Kristalina Georgieva appointed her to an external advisory group to provide input on policy challenges.[25] Also in 2020, she was appointed by the African Union (AU) as special envoy to solicit international support to help the continent deal with the economic impact of the 2019–20 coronavirus pandemic.[26]

• Japan International Cooperation Agency (JICA), Member of the International Advisory Board[27]

• Asian Infrastructure Investment Bank (AIIB), Member International Advisory Panel (since 2016)[28]
• GAVI, Chair of the Board (since 2016)[18]
• African Development Bank (AfDB), Ex-Officio Member of the Board of Governors (2003-2006, 2011-2015)[29]
• International Monetary Fund (IMF), Member of the International Monetary and Finance Committee (2003-2006, 2011-2015)
• Joint World Bank-IMF Development Committee, Chair (2004)

• Twitter, Board of Directors (since 2018)[30] [31]
• Standard Chartered, Independent Non-executive Member of the Board of Directors (since 2017)[32]
• Lazard, Senior Advisor (since 2015)[33]

• Carnegie Endowment for International Peace, Member of the Board of Trustees (since 2019)[34]
• Bloomberg New Economy Forum, Member of the Advisory Board (since 2018)[35]
• Results for Development (R4D), Member of the Board of Directors (since 2014)[36][37]
• Women's World Banking, Member of the Africa Advisory Council (since 2014)[38]
• The B Team, Member (since 2013)[39][40]
• Friends of the Global Fund Africa, Member of the Board (since 2007)[41]
• Global Financial Integrity (GFI), Member of the Advisory Board (since 2007)[42]
• African Risk Capacity, Chair of the Board[43]
• African University of Science and Technology, Chair of the Board[33]
• Georgetown Institute for Women, Peace and Security, Member of the Advisory Board[44]
• Global Business Coalition for Education, Member of the Advisory Board[45]
• Mandela Institute for Development Studies (MINDS), Member of the Advisory Board[46]
• Mercy Corps, Member of the Global Leadership Council[47]
• Rockefeller Foundation, Member of the Global Development Network
• Nelson Mandela Institution, Chair of the Board[48]
• One Campaign, Member of the Board[49]
• Oxford Martin School, Member of the Advisory Council[50]
• Vital Voices, Member of the Global Advisory Council[51]

Okonjo-Iweala has received numerous recognitions and awards. She has been listed as one of the 50 Greatest World Leaders (Fortune, 2015), the Top 100 Most Influential People in the World (TIME, 2014), the Top 100 Global Thinkers (Foreign Policy, 2011 and 2012), the Top 100 Most Powerful Women in the World (Forbes, 2011, 2012, 2013 and 2014), the Top 3 Most Powerful Women in Africa (Forbes, 2012), the Top 10 Most Influential Women in Africa (Forbes, 2011), the Top 100 Women in the World (The Guardian, 2011), the Top 150 Women in the World (Newsweek, 2011), the Top 100 most inspiring people in the World Delivering for Girls and Women (Women Deliver, 2011). She was listed among 73 “brilliant” business influencers in the world by Condé Nast International.

In 2019, Okonjo-Iweala was elected to the American Academy of Arts and Sciences. She was also conferred High National Honours from the Republic of Côte d'Ivoire and the Republic of Liberia. She is also the recipient of Nigeria's Commander of the Federal Republic (CFR). Other honors include:

• 2017 – Vanguard Award, Howard University
• 2017 – Women’s Economic Empowerment Award, WEConnect International
• 2017 – Madeleine K. Albright Global Development Award, Aspen Institute
• 2016 – Power with Purpose Award, Devex Development Communications Network
• 2016 – Global Fairness Award, Global Fairness Initiative
• 2014 – David Rockefeller Bridging Leadership Award
• 2011 – President of the Italian Republic Gold Medal, Pia Manzu Centre
• 2011 – Global Leadership Award, Chicago Council on Global Affairs
• 2010 – Global Leadership Award, Columbia University School of International and Public Affairs
• 2010 – Bishop John T. Walker Distinguished Humanitarian Service Award
• 2004 – TIME’s European Heroes Award
• 2004 – Finance Minister of the Year, Africa Investor Magazine
• 2004 – Finance Minister of the Year for Africa and the Middle East, The Banker
• 2005 – Global Finance Minister of the Year, Euromoney
• 2005 – Finance Minister of the Year for Africa and the Middle East, Emerging Markets Magazine

Okonjo-Iweala has received honorary degrees from 14 universities worldwide, including some from the most prestigious colleges: the University of Pennsylvania (2013),[52] Yale University (2015),[53] Amherst College (2009)[54] Trinity College, Dublin (2007)[55] Brown University (2006),[56] Colby College (2007).,[57] and Northern Caribbean University, Jamaica. She has also received degrees from a host of Nigerian universities including Abia State University, Delta State University, Abraka, Oduduwa University, Babcock University, and the Universities of Port Harcourt, Calabar, and Ife (Obafemi Awolowo). In 2019, Okonjo Iweala was awarded an honorary degree from Tel Aviv University.[58]