Ngozi Okonjo-Iweala is a Nigerian-born economist and international development expert. She served two terms as Finance Minister of Nigeria under the leadership of President Olusegun Obasanjo and President Goodluck Jonathan respectively. Previously, she spent a 25-year career at the World Bank as a development economist.
About Ngozi Okonjo-Iweala in brief
Ngozi Okonjo-Iweala is a Nigerian-born economist and international development expert. She served two terms as Finance Minister of Nigeria under the leadership of President Olusegun Obasanjo and President Goodluck Jonathan respectively. Previously, she spent a 25-year career at the World Bank as a development economist, scaling the ranks to the Number 2 position of Managing Director, Operations. In 2005, Euromoney named her global finance minister of the year. She is married to Dr. Ikemba Iweala, a neurosurgeon. They have four children – one daughter, Onyinye IWeala, and three sons, Uzodinma I weala, Okechukwu Iwela and Uchechi Iweula. She became a US citizen in 2019 after spending several decades working and studying in the United States. She was the first female to hold both positions. She helped Nigeria obtain its first ever sovereign credit rating from Fitch & Poor’s in 2006. In 2007, she returned to the World. Bank as Managing Director. She also helped Nigeria build an electronic financial platform.
As at 31 December 2014, the Government Integrated Financial Management and Information System and the Integrated Payroll System had eliminated 62,893 ghost workers from the government and saved the Nigerian government about USD 1.25 billion in the process. During her first term as Minister of Finance, 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. In 2010, she was Chair of the IDA replenishment, the. successful drive to raise USD 49. 3 billion in grants and low interest credit for the poorest countries in the world. She went a long way in increasing transparency in governance with the Federal Government of Nigeria, she helped the IMF to the IMF manage the Single Supervisory Mechanism. In 2003 she led efforts to improve Nigeria’s macroeconomic management including the implementation of an oil-price based fiscal rule.
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