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Ngozi Okonjo-Iweala (born 13 June 1954) is a globally renowned Nigerian economist best known for her two terms as Finance Minister of Nigeria (her current position) and for her work at the World Bank, including several years as one of its Managing Directors (October 2007 – July 2011). She briefly held the position of Foreign Minister of Nigeria in 2006.


In 2007, Okonjo-Iweala was considered as a possible replacement for former World Bank President Paul Wolfowitz.Subsequently, in 2012, she became one of three candidates in the race to replace World Bank President Robert Zoellick at the end of his term of office in June 2012.On 16 April 2012 it was announced that she had been unsuccessful in her bid for the World Bank presidency, having lost to the US nominee, Jim Yong Kim. This outcome had been widely anticipated.[6] However, this was the first contested election for World Bank president after the demise in 2010 of the Gentlemen's agreement that the US would appoint the World Bank president and Europe would appoint the managing director of the International Monetary Fund.


Okonjo-Iweala is an Igbo from Ogwashi-Uku, Delta State, where her father Professor Chukuka Okonjo is the Obi (King) from the Umu Obi Obahai Royal Family of Ogwashi-Uku.

Okonjo-Iweala was educated at the International School Ibadan and Harvard University, graduating magna cum laude with an AB in 1977, and earned her PhD in regional economic development from the Massachusetts Institute of Technology (MIT) in 1981. She received an International Fellowship from the American Association of University Women (AAUW) that supported her doctoral studies.[9] She is married to Ikemba Iweala from Umuahia, Abia State,and they have four children. The eldest, Onyinye Iweala received her PhD in Experimental Pathology from Harvard University in 2008 and graduated Harvard Medical School in 2010. Her son, Uzodinma Iweala, is the author of the critically acclaimed novel Beasts of No Nation (2005) and the newly released thoughts on the HIV/AIDS epidemic in Africa [Our Kind of People] (2012).

Ngozi Okonjo-Iweala, at the 2004 Spring Meetings of the International Monetary Fund and the World Bank Group
Prior to her ministerial career in Nigeria, Okonjo-Iweala was vice-president and corporate secretary of the World Bank Group. She left it in 2003 after she was appointed to President Obasanjo's cabinet as Finance Minister on 15 July 2003.

In October 2005, she led the Nigerian team that struck a deal with the Paris Club, a group of bilateral creditors, to pay a portion of Nigeria's external debt (US$12 billion) in return for an $18 billion debt write-off. Prior to the partial debt payment and write-off, Nigeria spent roughly US$1 billion every year on debt servicing, without making a dent in the principal owed. However, following years of mismanagement under her watch, the combined domestic and external debt of the Federal Government is in excess of $40 billion by the end of 2014. Add to this the fact that abandoned capital projects littered all over the country amount to over $50 billion. No word yet on other huge contingent liabilities. If oil prices continue to fall, it was said that Nigeria will soon have a heavy debt burden even with low debt to GDP ratio.

Okonjo-Iweala also introduced the practice of publishing each state's monthly financial allocation from the federal government in the newspapers. This action went a long way in increasing transparency in governance. She was instrumental in helping Nigeria obtain its first ever sovereign credit rating (of BB minus) from Fitch and Standard & Poor's. Nigeria is considered to have defaulted on its sovereign debt in 1983 (debt rescheduling is considered a type of default by rating agencies).

Some controversy surrounded Okonjo-Iweala's appointment as Finance Minister, and that of Foreign Affairs minister, Olu Adeniji, United Nations over the payment of their salary in dollars. Okonjo Iweala and Olu Adeniji were paid US$240,000, compared with their own $6,000 base salary. The controversy was spearheaded by reform-minded media reports, although Okonjo-Iweala felt that her critics were unjustified because of the temporary nature of the payment, which came out of the donor-supported Diaspora Fund negotiated by the Nigerian government.[14] On Friday, 20 July 2007, the Court of Appeal ruled that the salary payment was not done within the ambit of Nigeria's laws, and directed her and Adeniji to pay back the excess to the account of the state.

Both Okonjo-Iweala and the Federal Government of Nigeria have appealed the case to the Supreme Court, and judgement is pending. The appeal is on the basis that the appeal court made its judgment due to erroneous information provided to it that the Nigerian government was making the salary payments, when in fact it was not.

She resigned as Nigeria's Foreign Minister on 3 August 2006 following her sudden removal as head of Nigeria's Economic Team by former President Olusegun Obasanjo. She left that administration at the end of August 2006.[citation needed]

On 4 October 2007, World Bank President Robert Zoellick appointed her to the post of managing director, effective 1 December 2007.

In 2011, Okonjo-Iweala was reappointed as Minister of Finance with the expanded portfolio of the Coordinating Minister for the Economy by President Goodluck Jonathan. She took a lot of heat, more-so than any other government official for the unpopular fuel subsidy removal policy by the Nigerian government which led to Occupy Nigeria protests in January 2012.

During her confirmation as a Minister, she stressed the need to reduce the country's recurrent expenditure which is presently 74% of the National Budget and embark on capital projects which could improve the 14% unemployment rate in the country.In her role as the Coordinating Minister For the Economy and Minister of Finance, she has extensive influence/exercise to shape the direction of the Jonathan economic team and the transformation agenda.This indubitably makes Okonjo-Iweala responsible for the success or failure of Mr. Jonathan's economic policies. Under her watch, Nigeria overtook South Africa as the largest economy in Africa with a GDP of 510 billion dollars. Unfortunately, it is widely believed that things are not going well with Nigeria's economy. The country's foreign reserves instead of increasing is actually grossly below what Jonathan's administration inherited despite an average oil price of between $105 – $120 during this period. President Olusegun Obasanjo met about $5 billion in foreign reserves, and the average monthly oil price for the 72 months he was in office was $38, he left $43 billion in foreign reserves after paying $12 billion to write off Nigeria's external debt. In an article a former Governor of the Central Bank of Nigeria, and a world class economist, said that by his calculation, if the economy had been properly managed, the nation's foreign reserves, which now stand at about $30 billion, should have been between $102 and $118 billion and the exchange rate around N112 before the fall in oil prices towards the end of 2014. He said even with the fall in oil price, objectively, the reserves should be around $90 billion and exchange rate, not higher than N125 per US dollar.

In 2007, Okonjo-Iweala's NGO, NOI Global Consulting, partnered with the Gallup Organization to introduce an opinion poll, the NOI poll, into the Nigerian polity.[19] She is a fellow at the Brookings Institution.[20] Okonjo-Iweala also serves on the Advisory Board of Global Financial Integrity and on the board of directors of the World Resources Institute.

In 2011 Ngozi Okonjo Iweala was called back to Nigeria by President Goodluck Jonathan to head the economic team as Nigeria's Finance minister. It was from this position that she contested the presidency of the World Bank. She received support for her ultimately unsuccessful campaign from a number of former World Bank employees and from publications including The Economist, The Financial Times and Newsweek, which said: "If competition follows normal process, Kim stands no chance [against Ngozi Okonjo Iweala]."[citation needed]. Nigeria's BusinessDay newspaper also published an article ("World Bank Presidency – a question of politics or ability?"by guest writer, Olu Omoyele, in which he states that Okonjo-Iweala's "credentials for the job are...outstanding" and added that "she has a well developed network of academic, political and economic relationships across the world which should aid her in dealing with the challenges an institution like the World Bank."

Oily heads eat your hearts out. NOI soars higher.

Award my yanch na dis rubbish thing dis babe take deceive us for naija

Ma
D nigerian youths re proud of u
U a role model for all of us
A woman of great standards
May d life of our enemies be transformed d way u transformed our economy
NB: check d difference btw nominal growth and real growth

Who dey Give this Froglike Woman Awards Harvard Dey Mad Ni

Keep on making us proud

She has aided the development of our currency inflation, recklessly took on multiple debt from western organizations and of course invaded our foreign excess account.

Why wouldn't they (the west) award her for co-operation to destroy this helpless country.

Imagine, there are some who pretend to not have been affected by her policies; the audacity.

Anybody can buy up any award from any place just for image laundry. That harvard gave him award does not mean her conscience award her and that does not mean it has giving her a clean record for her years inept and corrupt service under Jonathan.