By Eric Elezuo
For the seventh time in her meritorious career, Director-General, World Trade Organization (WTO), Ngozi Okonjo-Iweala, has been recognised. This time, the former Nigeria’s Minister of the Economy, who is fond and proud of her traditional ankara attire, was named one of Forbes’s World’s 100 Most Powerful Women in 2023. The accomplished financial expert will be one of those that would be presented with the honour during the 12th edition of the award.
Forbes is an American business magazine owned by Integrated Whale Media Investments and the Forbes family with a particular focus on business, technology, communications, science, politics, and law, while making the declaration, said.
The Director-General of World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has been listed on Forbes’ 100 Most Powerful Women chart.
According to Forbes’ 20th annual ranking released on Tuesday, the distinguished Nigerian economist holds the 87th spot, moving up four spots, and surpassing South African businesswoman, Mpumi Madisa, who stands at 88th.
Okonjo-Iweala also beat Tanzanian President, Samia Hassan, who made her debut on the list at the 93rd position, alongside Nigerian media mogul and philanthropist Mo Abudu at the 98th.
Topping the chart is Ursula von der Leyen, President of the European Commission for Impactful Policy and Budget, while Christine Lagarde, European Central Bank President, secures the second spot, with U.S. Vice President Kamala Harris following closely in third place.
Okonjo-Iweala, who shattered barriers in 2021 as the first woman and the first African Director-General of the WTO, is celebrated for her remarkable career at the World Bank, and impactful economic reforms in Nigeria.
Her recognition on Forbes’ list underscores not only her significant contributions to global trade but also her commitment to economic development, governance, and international leadership.
In 2022, “The World Trade Organization head Ngozi Okonjo-Iweala, made the No. 91 of 100 powerful women in the world, and continues to play a crucial role in providing financial assistance and promoting global trade as the threat of a global recession rises.
A statement from Forbes added that Okojo-Iweala is “an economist and international development professional with more than 30 years of experience working in Asia, Africa, Europe, Latin America and North America.”
Also in 2021, Okonjo-Iweala was recognized by another media platform, Time magazine as one of the world’s most influential people for the year under review.
According to the magazine, Okonjo-Iweala is “An economist and international development professional, Ngozi Okonjo-Iweala has more than 30 years of experience working in Asia, Africa, Europe, Latin America and North America.
“In March 2021, she became first woman and the first African to serve as Director-General of the World Trade Organization.
“She has said she believes in the power of trade to lift developing countries out of poverty help them achieve sustainable development.
“Earlier in her career, Okonjo-Iweala had two terms as Nigeria’s Finance Minister, from 2003-2006 and 2011-2015; she also briefly acted as Foreign Minister in 2006.
“She was also Chair of the Board of Gavi, the Vaccine Alliance that has immunized 760 million children globally.”
According to Wikipedia, Okonjo-Iweala was born on June 13, 1954 in Ogwashi-Ukwu, Delta State, Nigeria where her father Professor Chukwuka Okonjo is the Eze (King) from the Obahai Royal Family of Ogwashi-Ukwu.
Okonjo-Iweala was educated at Queen’s School, Enugu, St. Anne’s School, Molete, Ibadan, and the International School Ibadan. She arrived in the US in 1973 as a teenager to study at Harvard University, graduating magna cum laude with an AB in Economics in 1976. In 1981, she earned her Ph.D in regional economics and development from the Massachusetts Institute of Technology (MIT) with a thesis titled Credit policy, rural financial markets, and Nigeria’s agricultural development. She received an International Fellowship from the American Association of University Women (AAUW), that supported her doctoral studies.
Okonjo-Iweala spent a 25-year career at the World Bank as a Development Economist, scaling the ranks to the Number two position of Managing Director, Operations between 2007 and 2011. She also served two terms as Finance Minister of Nigeria (2003–2006, 2011–2015) under the leadership of President Olusegun Obasanjo and President Goodluck Jonathan respectively. She also had a stint in the external affairs ministry as minister.
She is a seasoned economist and international development expert. She sits on the Boards of Standard Chartered Bank, Twitter, Global Alliance for Vaccines and Immunization (GAVI), and the African Risk Capacity (ARC).
She is married to Dr. Ikemba Iweala, a neurosurgeon. They have four children – one daughter, Onyinye Iweala (AB, MD, PhD, Harvard) and three sons, Uzodinma Iweala (AB, Harvard, MD, Columbia), Okechukwu Iweala (AB, Harvard) and Uchechi Iweala (AB, MD, MBA, Harvard).
Okonjo-Iweala became a US citizen in 2019 after spending several decades working and studying in the United States. Among an avalanche of high class honours trailing her, Okonjo-Iweala is also the founder of Nigeria’s first indigenous opinion-research organisation, NOI-Polls. She also founded the Center for the Study of Economies of Africa (C-SEA), a development research think tank based in Abuja.
In 2012, Okonjo-Iweala contested for Presidency of the World Bank. She lost to Jim Yong Kim. Eight years in-between in November 2020, she contested the DG position of the World Trade Centre, and emerged winner.
Reacting, an excited Okonjp-Iweala said: “An honour and a privilege to be part of this list of a very distinguished group of women for the 6th time in my career, Congratulations to my other sisters. Let’s continue to show that good governance, good public policy and a people-centered approach to work matters.”
We wish the ebullient finance expert the best as she continues to take the global finance and business by storm.