ABUJA, Aug 17 (Reuters) - Former World Bank managing director Ngozi Okonjo-Iweala was sworn in as Nigeria's finance minister and chief coordinator of economic affairs by President Goodluck Jonathan on Wednesday, a month after the rest of his cabinet was announced.

Okonjo-Iweala, who has held the finance portfolio before, flew to Nigeria to be screened by the Senate for a position in Jonathan's cabinet last month, but then returned to Washington to finish her work with the World Bank.

"People wonder why we want you back having served in the same capacity before, we want you back to play a key role in coordinating economic issues in the country," Jonathan said, shortly after the swearing-in ceremony.

Okonjo-Iweala will take a broader version of the role she held between 2003 and 2006, when she successfully secured debt relief. Jonathan plans to head a new economic team, which will be inaugurated on Thursday.

"This time we are expanding the economic team and Ngozi is brought in to coordinate the federal government economic issues and that of the states," Jonathan said.
Africa's most populous nation faces a long list of hurdles, not least opaque government spending, rampant corruption, import dependence, and the need to tame double-digit inflation while creating jobs and building infrastructure.

Okonjo-Iweala said last week Nigeria needed to make fundamental changes to diversify its economy, to reduce its over-reliance on crude oil exports.

During her previous tenure she stepped on some toes and investors are watching closely to see how she operates alongside an existing set of reformers, including the influential central bank Governor Lamido Sanusi.

"People believe that you have the magic wand to change things for the better, so make sure that the transformation agenda moves," Jonathan said.

Jonathan was sworn in for his first full term on May 29 and named the majority of his cabinet more than a month later. Okonjo-Iweala is the most high-profile member of his team and her appointment was met with optimism by investors. (Reporting by Felix Onuah; Writing by Joe Brock; Editing by Susan Fenton).

http://af.reuters.com/article/commoditiesNews/idAFL5E7JH0Y520110817

Now it's time to make and -more importantly- implement hard-nosed socio/economic decisions no matter whose ox is gored. I sincerely hope the opportunists, cabals and selfish groups with vested interests for once try to think of the overall interest of the whole country.

Ne Ngozi, we wish you well.

I sincerely hope the opportunists, cabals and selfish groups with vested interests for once try to think of the overall interest of the whole country

That is our earnest prayer. So keep helping us Lord.

I pray she steps on powerful toes, especially, that of her boss.

GEJ is still basking in the euphoria of being elected president by some form of luck! His is "overwhelmed by his societal status"! It wasn't a bad Idea bringing back the finance czar, but to the "once offended and the luvers of business as usual" GEJ has choosen to ignite his bed while sleeping on it with his hands to to his back all by himself! No mind them jare!! Whether stepping on toes of fingers, we want people like her to check excesses of some of these "thieving Heads"

I totally support Ngozi's return. I biliv d fin. Sector wl b reformed indeed

i love u ma

What did she do the last time she was in that sector and how are we SURE that nature wont repeat herself? Wish Her well sha.

guente02:

What did she do the last time she was in that sector and how are we SURE that nature wont repeat herself? Wish Her well sha.

What did she do!!?? The question in of itself eschews any point of trying to explain economics to you. But for the benefit of doubt you may have asked an innocent question, so here is a simple to understand lone example of her many accomplishments.

1. She was key in the restructuring of our national debt (i.e Reduction of Principal size,and more importantly significant reduction of longterm interest payments)

In lay terms it means due to her ingenuity the nation was finally able to retain sizeable chunks of its revenue creation for reinvestment as opposed to using it to service debt.

So theres you answer,she's done alot for YOU!!

Good for Jonathhan, good for Naija, but bad for Madam! Last time she was here (Obj tenure) her fellow Igbo lady almost took her huby from herand extracted a huge sums of dollar from them. I pray it doesn't happen this time!!!