The World Bank has named a former Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, as its Managing Director.
Okonjo-Iweala will join two other managing directors, two executive vice-presidents, and the Chief Financial Officer at the top level of World Bank Group management.
She was a former vice-president of the bank.
In her new position, Okonjo-Iweala will oversee the bank’s activities in Europe, Africa, South and Central Asia.
She will also have oversight responsibility for Human Resources. Her appointment is effective from December 1.
The managing directors are next to the President of the bank.
Another Nigerian, Dr. Oby Ezekwesili, is a vice-president of the bank. She was also a minister under the administration of former President Olusegun Obasanjo.
Ezekwesili, who is vice-president for Africa, may be reporting to Okonjo-Iweala.
The World Bank President, Mr. Robert B. Zoellick, announced the appointment in Washington, United States on Thursday.
He said, “Ngozi brings a unique set of skills and experience to the World Bank Group.
“As an outstanding Minister of Finance and Minister of Foreign Affairs in Nigeria, Ngozi helped lead the country’s reform programme on issues of fiscal prudence, transparency of government accounts, good governance, and anti-corruption.
“She led Nigeria’s quest for debt relief and helped her country obtain an unprecedented $18 billion write-off from the Paris Club.
“Ngozi was also instrumental in helping Nigeria obtain its first ever Sovereign Credit rating (of BB minus) from Fitch and Standard & Poor’s). She is an internationally respected world leader.
“In addition, she knows the WBG well from her 21 years of service. Her commitment to the developing world is unparalleled. I am delighted she has accepted to join my senior team.”
The other managing directors in the World Bank are Juan Jose Daboub and Graeme Wheeler.
The executive vice-presidents are Lars Thunell, in charge of International Finance Corporation and Yukiko Omura, in charge of Multilateral Investment Guarantee Agency. The Chief Financial Officer is Vincenzo La Via.
Okonjo-Iweala is currently a distinguished fellow at the Brookings Institution.
From 2003-2006, she served as a minister.
She led Nigeria’s Economic Team, which was responsible for implementing the Obasanjo administration’s far-reaching economic and social reform agenda.
The team was also credited with remarkable progress in restoring macroeconomic stability, tripling growth, initiating a strong fight against corruption, and increasing transparency.
Okonjo-Iweala quit as a minister in June 2006, when she was moved from the Ministry of Finance to the Ministry of Foreign Affairs and later removed as the Head of the Economic Management Team.
Okonjo-Iweala had earlier served in a number of important positions at the World Bank, including Vice-President and Corporate Secretary, Director of Operations in the Middle East and North Africa, and Country Director for the South East Asia and Mongolia Country unit. She joined the World Bank in 1982.
In accepting the appointment, she said, “I am delighted to be coming back, and I welcome the opportunity to work through this great institution to make a difference in the lives of our youth, and our hardworking men and women in the developing world.
“I particularly look forward to working with President Zoellick as he maps out exciting new paths for the World Bank Group.”
Okonjo-Iweala is a recipient of numerous awards and honors including Time Magazine European Hero 2004, Euromoney Magazine Global Finance Minister of the year 2005, Financial Times/The Banker African Finance Minister of the year 2005, This Day Nigeria Minister of the Year 2004, 2005, Honorary Doctorate of Laws from Colby College 2007, and Brown University 2006, Honorary Doctorate of Humane Letters, Northern Caribbean University, Jamaica.
She is a member or chair of numerous boards and advisory groups in the public, private and non-governmental sectors.
Some of the boards include DATA, the World Resources Institute; the Clinton Global Initiative; the Nelson Mandela Institution; the African Institute of Science and Technology; the Mo Ibrahim Foundation Governance Prize Committee; and Friends of the Global Fund Africa.
She is also an adviser to the World Bank on the Stolen Assets Recovery initiative, and served as a member of the Malan Committee on Bank-Fund collaboration.
Okonjo-Iweala graduated with an A.B. magna cum laude in Economics from Harvard University, and holds a PhD in Regional Economics and Development from the Massachusetts Institute of Technology.
By Chijama Ogbu
The Punch
Friday, October 5, 2007
