FeaturedHighlightTop StoryTrending Story

Breaking: Nigeria’s Okonjo-Iweala named WTO Director-General

436

 

Nigeria’s former Minister of Finance, Dr Ngozi Okonjo-Iweala, has been appointed the Director-General of the World Trade Organization (WTO), the first African and female to head the world body.

WTO has been rudderless since Brazilian career diplomat, Roberto Azevedo, stepped down in August 2020, a year ahead of schedule.

South Korean Trade Minister Yoo Myung-hee had been the remaining contender for the post but pulled out when it became clear that new US President Joe Biden was backing Okonjo-Iweala’s candidacy.

The WTO called a virtual special general council meeting at which member states officially selected the former Nigerian finance minister and World Bank veteran as the global trade body’s new director-general.

She will take up her post on March 1st and her term, which is renewable, will run until August 31, 2025.

The near-paralysed institution desperately needs a kick-start — something Okonjo-Iweala immediately addressed after being confirmed in the job.

“A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the Covid-19 pandemic,” the 66-year-old economist said in a statement.

“I look forward to working with members to shape and implement the policy responses we need to get the global economy going again.

“Our organisation faces a great many challenges but working together we can collectively make the WTO stronger, more agile and better adapted to the realities of today.”

The process of picking one of eight candidates to succeed her predecessor, had been expected to wrap up by November, but the administration of former US president Donald Trump blocked the consensus to appoint Okonjo-Iweala.

Okonjo-Iweala, who boasted of US, EU and African backing, was not at the WTO’s Geneva headquarters for Monday’s meeting, but was scheduled to hold an online press conference after its conclusion.

She will take over an organisation mired in multiple crises and struggling to help member states navigate the severe global economic slump triggered by the coronavirus pandemic.

Okonjo-Iweala argued during the race that she was best placed out of the eight candidates for the post to steer the WTO through the crises, calling herself a reform candidate.

She warned that growing protectionism and nationalism had been spurred on by the pandemic and insisted barriers needed to be lowered to help the world recover.

Even before Covid-19 battered the global economy, the WTO was weighed down by stalled trade talks and struggled to curb trade tensions between the United States and China.

The WTO also faced relentless attacks from Washington under Biden’s predecessor Donald Trump. Among other things, Trump brought the WTO’s dispute settlement appeal system to a grinding halt in late 2019.

On her agenda for the organization, Okonjo-Iweala has said her priorities include getting long-blocked trade talks on fishery subsidies across the finish line and breathing life back into WTO’s Appellate Body.

Twice Nigeria’s finance minister (2003-2006 and 2011-2015) and its first female foreign minister in a two-month stint in 2006, Okonjo-Iweala is seen as a trailblazer in her homeland.

She has brushed off claims she lacks experience as a trade minister or negotiator.

She has portrayed herself as a champion against Nigeria’s rampant corruption — saying her own mother was even kidnapped over her attempts to tackle the scourge.

But her critics argue she should have done more to tackle it while in power.

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.

She is on the Twitter board of directors and chaired Gavi, the Vaccine Alliance.

Leave a comment

Related Articles

Nigeria Set to Celebrate King’s Baton Relay en Route to Glasgow 2026

Nigeria will host the King’s Baton Relay from June 15th to 18th,...

Just in: FCTA crushes 601 impounded motorcycles

In a major crackdown, the Federal Capital Territory Administration (FCTA) on Tuesday...

Tinubu Congratulates Newly-elected Canadian Prime Minister, Mark Carney

President Bola Tinubu has congratulated Mr. Mark Joseph Carney on his election...

FCT Police Crack Down on Vehicle Thieves, Recover 3 Cars, Arrest Couple, 6 Others

The Federal Capital Territory (FCT) Police Command says it has recovered three...

Just in: Touting: FG orders one-stop unified screening at airports

In a bid to tackle the issues of disorder and touting within...

Atiku’s VP Candidate, Okowa, Endorses Tinubu’s Potential Re-Election Bid for 2027

The 2023 Vice Presidential candidate to PDP’s Presidential candidate, Atiku Abubakar and...

Why We Arrested E-Money — EFCC

The Economic and Financial Crimes Commission (EFCC) has revealed the reason behind...

CJN to NBA: Refrain from filing frivolous petitions against judges

Justice Kudirat Kekere-Ekun, the Chief Justice of Nigeria, has advised the Nigerian...

Just in: Lagos Socialite E-Money Faces EFCC Arrest for Alleged Foreign Currency Spraying

E-Money, a popular Lagos socialite whose real name is Emeka Okonkwo Daniel,...

KSA is Fine, Safe, Son clarifies

Amid swirling rumours about the alleged kidnapping of music legend, King Sunny...

Breaking: Wanted socialite Achimugu nabbed at Abuja airport

The Economic and Financial Crimes Commission (EFCC) has arrested wanted businesswoman, Aisha...

Alleged $1bln Fraud: CBEX Promoter in EFCC Net

Adefowora Abiodun, a suspected promoter of the cryptocurrency trading platform Crypto Bridge...

Nigeria’s $750m DARES Initiative Gains Momentum with New REA Grant Signings, Targets N17.5m Nigerians

    The Rural Electrification Agency (REA) took a significant step towards...

112 electrocution fatalities: CJN urges judiciary to enforce industry safety regulations

With 112 electrocution fatalities and 95 injuries recorded in Nigeria’s power sector...

US Narcotics Bureau lauds NDLEA’s operational successes, pledges continued collaboration

As a testament to its reputation as one of the leading forces...

Cardinals to convene conclave, elect new Pope

The Vatican has announced that Catholic cardinals will meet on May 7...

Uxoricide: Nwachukwu, Widower of Gospel Singer Osinachi, Sentenced to Death by Hanging

The Federal Capital Territory High Court in Wuse Zone 2, Abuja, has...

South Africa Marks 31 Years of Freedom, Nigeria Extends Congratulations

The government and people of Nigeria have extended warm congratulations to South...

Annie’s Slip, Davido’s Triumph, and the Unforgettable Moments at Headies’‘Back to Base’

Stepping onto the 17th Headies Awards stage at the Landmark Event Centre...

History Makers: Liverpool Claim Unprecedented 20th League Championship

By Samuel Akpan with agency report Liverpool have been crowned Premier League...