In March 2021, the World Trade Organisation (WTO) elected Nigerian economist Dr Ngozi Okonjo-Iweala as its Director-General. She is both the first female and the first African to hold this role.

She has held many important financial posts, both in her native Nigeria, the World Bank in Washington, DC, as well as her current role as the head of world trade.

Dynamic charts the career of this pioneering woman, whose mere election to such a prestigious role has raised many barriers that have been down for too long.

Dr Ngozi Okonjo-Iweala was born on June 13th 1954 in Ogwashi-Ukwu, Delta State, Nigeria, where her father, Professor Chukwuka Okonjo, was the Obi (king) of the Obahai royal family of Ogwashi-Ukwu in Nigeria.

She briefly attended Queen’s School, Enugu. She was later relocated to live and to further her education in St. Anne’s School, Molete, Ibadan, and the the International School Ibadan, Oyo State in Nigeria.

She arrived in the US in 1973 to study at Harvard University and graduated magna cum laude with an AB in Economics in 1976. She earned a master’s degree in city planning in 1978 and obtained her PhD in regional economics and development in 1981 from the famed Massachusetts Institute of Technology She received an international fellowship from the American Association of University Women (AAUW), which supported her doctoral studies.

Dr Okonjo-Iweala is married to neurosurgeon Dr Ikemba Iweala. They have four children and five grandchildren.

World Bank

Ngozi had a 25-year career at the World Bank in Washington, DC, from 1983 onwards, as a development economist and rose to the second-in-command position of Managing Director, Operations. As managing director, she had oversight responsibility for the World Bank’s $81 billion operational portfolio in Africa, South Asia, Europe, and Central Asia.

She 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 the chair person of the International Development Association (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. 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 Anders Fogh Rasmussen, Denmark’s PM, and held meetings in 2008.

Nigerian government

Ngozi also served twice as Nigeria’s Finance Minister between 2003–2006 and 2011–2015, and briefly acted as Foreign Minister in 2006. She was the first woman to hold both positions. During her first term as Finance Minister, she spearheaded negotiations with the Paris Club (a group of 22 major creditor countries aiming to provide a sustainable way to tackle debt problems in debtor countries) that led to the wiping out of US$30 billion of Nigeria’s debt, including the outright cancellation of US$18 billion.

Upon her re-appointment as Finance Minster in 2011, she was made responsible for leading reform that enhanced transparency of government accounts and strengthened institutions against corruption, including the implementation of the GIFMS (Government Integrated Financial Management System), the IPPMS (Integrated Personnel and Payroll Management System), and the TSA (Treasury Single Accounts). As of February 2015, the IPPIS platform had eliminated 62,893 ghost workers from the system and saved the Nigerian government about $1.25 billion in the process.

Her legacy in Government includes strengthening the country’s public financial systems and stimulating the housing sector with the establishment of the Nigerian Mortgage Refinance Corporation in 2013. She also empowered women and youth with the Growing Girls and Women in Nigeria Programme (GWIN), a gender-responsive budgeting system, and the highly acclaimed Youth Enterprise with Innovation Programme (YouWIN); to support entrepreneurs, that created thousands of jobs.

Her job didn’t come without its problems, as she received many death threats, and had to endure her mother being kidnapped when she tried to sanitise Nigeria’s fuel subsidy payments to some marketers in 2012.

Accolades

Her accolades reach far and wide and are impressive as they are long – especially across Western society. Among many tributes, Ngozi has been listed in the Top 100 Most Powerful Women in the World (Forbes, 2011-2015 and 2022-2023), as one of the Top 100 Most Influential People in the World (TIME, 2014 and 2021), one of the 25 most influential women (Financial Times, 2021).

She has received honorary degrees from many universities worldwide, including Yale University, Trinity College (University of Dublin), Amherst College, University of Amsterdam, London School of Economics and Political Science, and a host of Nigerian universities. In June 2024, she received – alongside Sir Michael Palin and others – an honorary degree from Oxford University.

Indeed, we could list all of the prizes, honorary degrees, accolades and appreciation from myriad organisations around the world, but we’d run out of space. Suffice that, in order for her to display them all, she would need a very big cabinet.

Appointment to WTO

In June 2020, Nigerian President Muhammadu Buhari nominated Ngozi as the country’s candidate to be Director-General of the WTO. She advanced to the election’s final round and eventually competed with Yoo Myung-hee. Ahead of the vote, she received the backing of the European Union for her candidacy. In October 2020, however, the Donald Trump’s United States government indicated that it would not back Okonjo-Iweala’s candidacy.

The WTO in its formal report said that Okonjo-Iweala “clearly carried the largest support by Members in the final round; and, enjoyed broad support from Members from all levels of development and from all geographic regions and has done so throughout the process”

On February 5th 2021, Yoo Myung-hee announced her withdrawal from the race. The new Biden-Harris administration, in contrast to the previous incumbent, expressed its strong support for the Dr Okonjo-Iweala’s candidacy. She was unanimously appointed as the next Director-General on  February 15th 2021, and took office on March 1st.

She is passionate about world trade being a force for good, and not for division. Seek and find any number of speeches she has made at world forums, international trade fairs, or at gatherings of people who are up against it, and her message is clear and constant. She believes that trade can and should do so much more for climate change, for poverty, destitution, and for equality; especially for those countries in serious debt or unable to compete with the larger economies.

She is also not afraid to confront the world finance Establishment. She recently commented at the World Economic Forum at Davos, “The reason globalisation got a bad name is some poor people in rich countries were left out, and poor countries or developing countries were at the margin.” Her vision of ‘re-globalisation’ offers a promising path forward, fostering more nuanced deliberation that moves beyond the traditional narrative of ‘economic winners and losers’.

In these turbulent times, being the progressive thinker and a strong leader that Okonjo-Iweala clearly is, is not just an asset, but a prime consideration for survival. She takes pride in her African identity, showcasing her tailored African-printed outfits on the global stage.

When it comes to her leadership, her courage is found through her emphasis on authenticity, calling out pre-determined issues that cater for marginalisation, and challenging sexist stereotypes and systems that promote inequality. Her unwavering commitment to personal development and social inclusion is deeply ingrained as a result of her experiences growing, as an African, and as a development economist. In addition to improving outcomes for the developing world and global economy, Ngozi is actively inspiring the next generation of leaders.

She is seeking a second term in the role of Director General of the WTO. Early indications are, especially with unanimous support from the Africa bloc, that she will receive the popular support she requires to be re-elected.

Despite originally taking on the role at the age of 66, it seems Dr Ngozi Okonjo-Iweala’s work is only just beginning.