Main PageOkonjo-iweala With Nigerian Delegates At Addis Ababa (photos)
Former Minister of Finance, Dr. Ngozi Okonjo-Iweala,
attended a conference in Addis Ababa, the capital city of
Ethiopia.
The embattled former Coordinator of the Economy, took
to her Twitter handle, to announce her participation at the
conference, with the theme 'getting additional resources
for women empowerment in Nigeria'
Okonjo-Iweala has faced series of allegations since the
end of the Goodluck Jonathan's administration. The
governor of Edo state, Adams Oshiomhole accused her of
of illegally taking $1 billion from the Federation
Account to prosecute the re-election bid of former
President Goodluck Jonathan.
However, the criticism seems not to have affected her
rating as she enjoyed the warm reception of Nigerian
delegates at the conference.
Okonjo-Iweala is a globally renowned Nigerian
economist best known for her two terms as Finance
Minister of Nigeria and for her work at the World Bank,
including several years as one of its Managing Directors
(October 2007 – July 2011).
In 2007, Okonjo-Iweala was considered as a possible
replacement for former World Bank President Paul
Wolfowitz. Subsequently, in 2012, she became one of
three candidates in the race to replace World Bank
President Robert Zoellick at the end of his term of office
in June 2012. On 16 April 2012 it was announced that
she had been unsuccessful in her bid for the World Bank
presidency, having lost to the US nominee, Jim Yong
Kim. This outcome had been widely anticipated.
However, this was the first contested election for World
Bank president after the demise in 2010 of the
Gentlemen's agreement that the US would appoint the
World Bank president and Europe would appoint the
managing director of the International Monetary Fund.
Okonjo confIn October 2005, she led the Nigerian team
that struck a deal with the Paris Club, a group of bilateral
creditors, to pay a portion of Nigeria's external debt (US
$12 billion) in return for an $18 billion debt write-off.
Prior to the partial debt payment and write-off, Nigeria
spent roughly US$1 billion every year on debt servicing,
without making a dent in the principal owed. However,
following years of mismanagement under her watch, the
combined domestic and external debt of the Federal
Government is in excess of $40 billion by the end of
2014. Add to this the fact that abandoned capital projects
littered all over the country amount to over $50 billion.
No word yet on other huge contingent liabilities. If oil
prices continue to fall, it was said that Nigeria will soon
have a heavy debt burden even with low debt to GDP
ratio.
Okonjo-Iweala also introduced the practice of publishing
each state's monthly financial allocation from the federal
government in the newspapers. This action went a long
way in increasing transparency in governance. She was
instrumental in helping Nigeria obtain its first ever
sovereign credit rating (of BB minus) from Fitch and
Standard & Poor's. Nigeria is considered to have
defaulted on its sovereign debt in 1983 (debt
rescheduling is considered a type of default by rating
agencies).
attended a conference in Addis Ababa, the capital city of
Ethiopia.
The embattled former Coordinator of the Economy, took
to her Twitter handle, to announce her participation at the
conference, with the theme 'getting additional resources
for women empowerment in Nigeria'
Okonjo-Iweala has faced series of allegations since the
end of the Goodluck Jonathan's administration. The
governor of Edo state, Adams Oshiomhole accused her of
of illegally taking $1 billion from the Federation
Account to prosecute the re-election bid of former
President Goodluck Jonathan.
However, the criticism seems not to have affected her
rating as she enjoyed the warm reception of Nigerian
delegates at the conference.
Okonjo-Iweala is a globally renowned Nigerian
economist best known for her two terms as Finance
Minister of Nigeria and for her work at the World Bank,
including several years as one of its Managing Directors
(October 2007 – July 2011).
In 2007, Okonjo-Iweala was considered as a possible
replacement for former World Bank President Paul
Wolfowitz. Subsequently, in 2012, she became one of
three candidates in the race to replace World Bank
President Robert Zoellick at the end of his term of office
in June 2012. On 16 April 2012 it was announced that
she had been unsuccessful in her bid for the World Bank
presidency, having lost to the US nominee, Jim Yong
Kim. This outcome had been widely anticipated.
However, this was the first contested election for World
Bank president after the demise in 2010 of the
Gentlemen's agreement that the US would appoint the
World Bank president and Europe would appoint the
managing director of the International Monetary Fund.
Okonjo confIn October 2005, she led the Nigerian team
that struck a deal with the Paris Club, a group of bilateral
creditors, to pay a portion of Nigeria's external debt (US
$12 billion) in return for an $18 billion debt write-off.
Prior to the partial debt payment and write-off, Nigeria
spent roughly US$1 billion every year on debt servicing,
without making a dent in the principal owed. However,
following years of mismanagement under her watch, the
combined domestic and external debt of the Federal
Government is in excess of $40 billion by the end of
2014. Add to this the fact that abandoned capital projects
littered all over the country amount to over $50 billion.
No word yet on other huge contingent liabilities. If oil
prices continue to fall, it was said that Nigeria will soon
have a heavy debt burden even with low debt to GDP
ratio.
Okonjo-Iweala also introduced the practice of publishing
each state's monthly financial allocation from the federal
government in the newspapers. This action went a long
way in increasing transparency in governance. She was
instrumental in helping Nigeria obtain its first ever
sovereign credit rating (of BB minus) from Fitch and
Standard & Poor's. Nigeria is considered to have
defaulted on its sovereign debt in 1983 (debt
rescheduling is considered a type of default by rating
agencies).
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