Nigeria’s Dr Ngozi Okonjo-Iweala is expected to be confirmed today as the first woman and first African leader of the World Trade Organization, after a long contest on who will emerge as the pilot of the world body.
The WTO called a special general council meeting at which the former Nigerian finance minister and World Bank veteran is will be formally selected as the global trade body’s new director-general.
Dr Iweala came back into the WTO leadership contest after the US President Joe Biden strongly supported her candidacy shortly after the only other remaining contender, South Korean Trade Minister Yoo Myung-hee, pulled out.
The WTO has been leaderless since Brazilian career diplomat Roberto Azevedo stepped down last August, a year ahead of schedule.
The process of picking one of eight candidates to succeed him had been expected to wrap up by November, but the administration of former US president Donald Trump blocked the consensus to appoint Okonjo-Iweala.
The organization has faced series of challenges apart from the inability to get a leader. Before Covid-19 battered the global economy, the WTO was weighed down by stalled trade talks and struggled to control trade tensions between the United States and China.
Meanwhile, Okonjo-Iweala has promised that her priorities include smooth trade relations among nations, getting long-blocked trade talks on fishery subsidies across the finish line and injecting life back into WTO’s Appellate Body.
A development economist by training with degrees from the Massachusetts Institute of Technology and Harvard, Okonjo-Iweala has also had a 25-year career as a development economist at the World Bank, eventually becoming its number two.
During her 25 years at the World Bank, Iweala is credited with spearheading several initiatives to assist low-income countries, in particular raising nearly $50bn in 2010 from donors for the International Development Association (IDA), the World Bank’s fund for the poorest countries.
Also, her reform agenda in Nigeria was felt during her stay as the minister of finance and economy having served under the regimes of Presidents Olusegun Obasanjo and Goodluck Jonathan.
One of her greatest achievements was leading a team which negotiated a massive $18bn debt write-off in 2005 for the country, helping Nigeria obtain its first ever sovereign debt rating.
By Hussein Jama
February 15, 2021
