Okonjo-Iweala, who was given a clean bill of health after screening by the Senate, said she was encouraged by patriotic zeal to return home and contribute to repositioning the economy.

While her colleagues assumed duty last June, she had enjoyed a one-month grace of absence to enable her conclude the process of her disengagement from the Washington-based World Bank.

An agency report quoted her as promising that her top priority as minister would be to develop and diversify the national economy such that Nigeria could be less dependent on oil and gas as its economic mainstay.

Describing the task as her biggest challenge, Okonjo-Iweala said the economy required fundamental structuring so as to attract more investors.

Okonjo-Iweala, has been a steady hand at the world’s largest development institution since 2007, where she has had unique insights into the growing role of developing nations in the global economy.

Nigeria is one of Africa’s most dynamic economies but it has enormous problems, including an over-reliance on commodity exports, mismanagement, low investment and a history of powerful vested interests.

“Nigeria has to make some fundamental changes, it has to really diversify its economy,” Okonjo-Iweala told Reuters in an interview on Thursday. “The time is now because investors are interested in the country,” she said.

She said the manufacturing sector was no longer competitive due to increasing power shortages and bureaucratic hurdles, while the agriculture and services sectors had a lot more room to grow, and a flourishing entertainment industry held great potential.

According to the report, one lesson Okonjo-Iweala will bring to bear on her job is that consistent policies and a stable political environment are essential for any economy to flourish.

“We have to show policy consistency in all kinds of ways. It builds trust in the economy, it builds a resilience and that helps enormously,” Okonjo-Iweala said.

It is the second time in eight years that she is leaving the World Bank to return to Nigeria to help transform the nation’s economy.

In 2003 she shook up the country’s finances, fired corrupt officials, boosted transparency and negotiating the cancellation of nearly two-thirds of Nigeria’s $30 billion Paris club debt.

“Why am I going back? I ask myself that question too. I’m passionate about my country and if you have skills and your country calls on you to come and help, at the end of the day it’s very difficult to say no” she said.

Okonjo-Iweala added that, she was encouraged by President Goodluck Jonathan’s political commitment to reform in the country.

“That doesn’t mean I have all the answers. I don’t. The task is daunting,” she said adding: “I hope we’ll succeed but Nigeria is a tough country, and a tough environment, but it is also one of the most exciting countries to do things in.”

As Okonjo-Iweala takes the reins of the country’s economy, she is also aware that the global economic environment has become more difficult over the past several months, with an escalating debt crisis in Europe and high public debt in the United States unsettling markets.

Some economists have warned the world economy could tilt back into recession, which would likely lead to a decline in demand for African exports and push commodity prices lower.

“We will need to look out for the impact on commodities,” Okonjo-Iweala said, adding that demand would be driven by emerging economies like India, China and Brazil that are more important to Africa.

She said African policymakers had increasingly maintained sound economic policies that were attracting more foreign direct investment. The region rebounded quickly after the 2008/09 global financial crisis with growth rates now equal to or exceeding pre-crisis levels of above five per cent.

Okonjo-Iweala said fewer African nations turned to the World Bank for funding to deal with costlier food prices last year compared to the 2008/09 food and energy price crisis.
While this was progress, she said more investments were needed to strengthen the region’s food security systems.

She said the famine in the drought-hit Horn of Africa, was “something of a man-made disaster” and blamed it on the collective failure of the international community to bring peace to Somalia.

Somalia’s worst affected areas are controlled by al- Shabaab militants, who have prevented food aid from getting to people.

An African peacekeeping force has secured about 80 percent of Mogadishu after al Shabaab withdraw at the weekend, opening the way for life-saving food and medicine to get to people who fled to the capital to seek help.

“There is a lack of political will by all actors worldwide to try to secure peace” in Somalia,” Okonjo-Iweala said. “You cannot help farmers, and you cannot help pastoralists, unless there is peace,” she added.

She said the situation in the Horn of Africa “should not colour the success” Africa has had in recovering from the last financial crisis.

http://tribune.com.ng/sat/index.php/front-page-articles/4995-im-back-to-fix-the-economy-okonjo-iweala-unfolds-economic-agenda-says-ill-make-nigeria-less-dependent-on-oil.html

Nigeria is one of Africa’s most dynamic economies but it has enormous problems, including an over-reliance on commodity exports, mismanagement, low investment and a history of powerful vested interests.

“Nigeria has to make some fundamental changes, it has to really diversify its economy,” Okonjo-Iweala told Reuters in an interview on Thursday. “The time is now because investors are interested in the country,” she said.

She said the manufacturing sector was no longer competitive due to increasing power shortages and bureaucratic hurdles, while the agriculture and services sectors had a lot more room to grow, and a flourishing entertainment industry held great potential.

According to the report, one lesson Okonjo-Iweala will bring to bear on her job is that consistent policies and a stable political environment are essential for any economy to flourish.

“We have to show policy consistency in all kinds of ways. It builds trust in the economy, it builds a resilience and that helps enormously,” Okonjo-Iweala said.

It is the second time in eight years that she is leaving the World Bank to return to Nigeria to help transform the nation’s economy.

Didn't this woman make similar statements like 7 years ago? 

she will still make thesame statement after 7 years. Fix economy Ko, fix nigeria ni.

Kobojunkie:

Didn't this woman make similar statements like 7 years ago?

Haters don come again. Instead of the 2 of una to wish her good luck for the betterment of us all, una dee here dee yeye.

I have exhusted all my GOODLUCKs. So what do you want me to say?

dem_people:

Haters don come again. Instead of una to wish her good luck for the betterment of us all, una dee here dee yeye.

@Rhino my guy, na u know. GOODLUCK no dee finish for person mouth so, no dee deceive ya sef. Kobo don kolo 4 head. Why she dee highlight all those statements? 

Ha ha ha! My brother am not hating at all, am just fed up with all these LIP service. Anywayz! Goodluck to madam 'fix it'.

dem_people:

@Rhino my guy, na u know. GOODLUCK no dee finish for person mouth so, no dee deceive ya sef. Kobo don kolo 4 head. Why she dee highlight all those statements?

rhino and them-people

brothers good development

The political will of Mr Jonathan is a key requirement for whatever reforms or plan she wants to push through.

The guy is a great dude and i think i wont mind having him as a brother.
BTW why are you sad?

alj_harem:

rhino and them-people

brothers good development

Rhino.5dm:

The guy is a great dude and i think i wont mind having him as a brother.
BTW why are you sad?

dem- people is a nice dude. I also miss jason and ezeuche, i no go lie

sad i am not sad oh just been reading some comments and been laffing

really tried of tribalism and hate how has ur day been rhino

My new wife want it this way. Her kiss dessolved all the venom this section has injected in me.

As per my day? . . .am cool.

alj_harem:

dem- people is a nice dude. I also miss jason and ezeuche, i no go lie

sad i am not sad oh just been reading some comments and been laffing

really tried of tribalism and hate how has your day been rhino

How fasting Alhaji? . . .Hope you ney dey hide drink water in the closet?

Rhino.5dm:

My new wife want it this way. Her kiss dessolved all the venom this section has injected in me.

As per my day? . . .am cool.

How fasting Alhaji? . . .Hope you ney dey hide drink water in the closet?

odunnu enjoy urself man

my fasting is been good, o brother. I no dey drink water

She was finance minister for 5 years, she could not fix the problem. So she think now, she can. who is fooling who.

It will not take me 2 year to fix the problem.

Yes o o o very intelligent and blunt, two most irresistible quality i cant reject.

alj_harem:

odunnu enjoy urself man

my fasting is been good, o brother. I no dey drink water

so where are you? Still in lag? I shall be leaving Abuja to lag by ending.

Rhino.5dm:

Yes o o o very intelligent and blunt, two most irresistible quality i cant reject.

so where are you? Still in lag? I shall be leaving Abuja to lag by ending.

yes still in lagidi. iwaya actually

good to know brother, na u dey enjoy o from PH to abuja

money dey

Alj,

lagidi. lasgidi.

@Musiwa,

5years? Aare, which one na? You go fit do the job with all your maps?



BTW, we should all wish the woman well. If anyone was more upto the job, I bet the person would've been appointed. The last time I checked, there wasn't. Enough of this Igbo vs Yoruba vs Hausa sentiments on this forum. When I checked today's date, I found out that we're still Nigerians. We should thank the lady and praise her for her patriotic zeal. Many such professionals have given-up on Nigeria long ago and are now living permanently overseas. A Yoruba friend of mine here in U.K is one such person.

Alhaj harem aka Uche. Biko hapu ebeaahun! Enwerom ego.

^^^

Nice try Rhino.

ebeaahun ebeahu. 

There's still hope for wazobia afterall.

dem_people:

Alj,

lagidi. lasgidi.  

@Musiwa,

5years?      Aare, which one na? You go fit do the job with all your maps?



BTW, we should all wish the woman well. If anyone was more upto the job, I bet the person would've been appointed. The last time I checked, there wasn't. Enough of this Igbo vs Yoruba vs Hausa sentiments on this forum. When I checked today's date, I found out that we're still Nigerians. We should thank the lady and praise her for her patriotic zeal. Many such professionals have given-up on  Nigeria long ago and are now living permanently overseas. A Yoruba friend of mine here in U.K is one such person.

LOL thanks for the correction, actual typo

the bolded is so correct. Really

them people how is obodo oyinbo like  

Rhino.5dm:

Alhaj harem aka Uche. Biko hapu ebeaahun! Enwerom ego.

i think i get what u are say

ego good no be small. just enjoy life small small and no forget alj harem/uchena

alj_harem:

LOL thanks for the correction, actual typo

the bolded is so correct. Really

them people how is obodo oyinbo like  

Your Igbo is improving. Kudos.

Obodo oyinbo dee o. I dee miss 9ja well well.

Alj, I dee try learn Hausa o. I don dee watch some clips on utube. I too like Zainab Indomie. She's very feminine. I like what she does with her body in this song;


https://www.youtube.com/watch?v=6sKKcRc_tj0&list=FLLMfar48vhrY&index=7

Please, wetin dem dee talk for am? The girl dee trip me. 

dem_people:

lol. Your Igbo is improving. Kudos.

Obodo oyinbo dee o. I dee miss 9ja well well.

Alj, I dee try learn Hausa o. I don dee watch some clips on utube. I too like Zainab Indomie. She's very feminine. I like what she does with her body in this song;


https://www.youtube.com/watch?v=6sKKcRc_tj0&list=FLLMfar48vhrY&index=7

Please, wetin dem dee talk for am?

good even my hausa and yoruba are not that good. me na broken english i know well well

although i can get some phrases in yoruba/igbo and hausa. good to know u miss us Nigerians

Nigeria would be great my brother. best believe

alj_harem:

good even my hausa and yoruba are not that good. me na broken english i know well well

although i can get some phrases in yoruba/igbo and hausa. good to know u miss us Nigerians

Nigeria would be great my brother. best believe

Alhaji na wa o. Why na? In the Nigeria of today, one must know at least one out of the wazobia languages.

But at least you fit tell me some of the things she dee talk. Men, the lady is too feminine.

@Rhino, abeg brother wetin the lady dee yarn? Shey u sabi speak Hausa?

dem_people:

Alhaji na wa o. Why na? In the Nigeria of today, one must know at least one out of the wazobia languages.

But at least you fit tell me some of the things she dee talk. Men, the lady is too feminine.

@Rhino, abeg brother wetin the lady dee yarn? Shey u sabi speak Hausa?

LOL ok them people tell me any nigerian that does not understand broken english

whereas hausa/igbo/yoruba is not known by all.

I knew you would say that. But trust me, when it comes to the crunch, you'll understand. The only other languages I want to learn are Hausa and Mandarin.

But I hope you can speak Kanuri. I also like the way it sounds.

Nigeria is one of Africa’s most dynamic economies but it has enormous problems, including an over-reliance on commodity exports, mismanagement, low investment and a history of powerful vested interests.

“Nigeria has to make some fundamental changes, it has to really diversify its economy,” Okonjo-Iweala told Reuters in an interview on Thursday. “The time is now because investors are interested in the country,” she said.

She said the manufacturing sector was no longer competitive due to increasing power shortages and bureaucratic hurdles, while the agriculture and services sectors had a lot more room to grow, and a flourishing entertainment industry held great potential.

According to the report, one lesson Okonjo-Iweala will bring to bear on her job is that consistent policies and a stable political environment are essential for any economy to flourish.

“We have to show policy consistency in all kinds of ways. It builds trust in the economy, it builds a resilience and that helps enormously,” Okonjo-Iweala said.

It is the second time in eight years that she is leaving the World Bank to return to Nigeria to help transform the nation’s economy.

Didn't this woman make similar statements like 7 years ago? 

Posted by: Kobojunkie

Didn't this woman make similar statements like 7 years ago?

Yes she did but OBJ and his Northern allies threw her off.
Sanusi then finished off whatever she achieved while she worked with Soludo.

Nigeria we hail thee.

How do you fix the economy without fixing corruption especialy when the corrupt man that apointed her and his crooked and unpatriotic gang are the same fools killing the economy? What a dum.b and pointless statement.

Bunch of mean spirited jokers

Brother i try connecting to youtube the thin no gree o. As na my mobile phone i dey use.

As for Hausa language. . .I GOT 'A' in my waec. You can start with Ka'amus. A hausa dictionary with translation in English. I wish you LUCK. Hausa is a wonderful langauge that make ALL the middle eastern langauge a little bit simpler. Swahili,Hausa ans Arabic are almost similar. Am improving my Igbo as well.

dem_people:

Alhaji na wa o. Why na? In the Nigeria of today, one must know at least one out of the wazobia languages.

But at least you fit tell me some of the things she dee talk. Men, the lady is too feminine.

@Rhino, abeg brother wetin the lady dee yarn? Shey u sabi speak Hausa?

Just exactly the way you ruin it the other time.

I hope she succeeds. It makes no sense to root against her. . . after all if she fails, then it is your own pocket which gets lighter (or grows less quickly, I should say)