Ngozi Okonjo Iweala: A celebration of excellence

The euphoria which greeted the announcement last weekend was a replication of the day the country exited the Paris Club debt trap. It was also the icing of the cake when juxtaposed against her unrelenting effort to get Nigeria out of the debt quagmire.

On assumption of duty in the World Bank, current president Robert Zoellick, had embarked on structural reengineering that led to the creation of additional posts that will enable him achieve his target plans for Africa. This is sequel to calls especially by Oxfam International, an anti-poverty group that called on Zoellick to be a bold reformer- including getting rid of some strings attached to bank lending and overhauling the bank's governance structure. That's exactly what he has done.

Okonjo-Iweala's appointment did not come as a surprise because we believe this auspicious time is the decade of Africa and the bank's policies must reflect that.

It is the long standing belief that a concerted effort by the west to help Africa out of the woods is quite apt at this time. Her appointment is expected to bring to the World Bank her expertise on Africa, based on her experience in Nigeria, and the activities she's being engaged in after serving in former president Olusegun Obasanjo's cabinet.

The appointment of Okonjo-Iweala therefore, could not have come at a better time.

Born on June 13, 1954 to the family of Okonjo, a renowned professor of economics of the University of Ibadan, she is an alumna of Harvard Business School where she obtained her Bachelor Degree in Economics in 1981 and later enlisted for her Ph.D. in Regional Economics and Development from Massachusetts Institute Of Technology United Sates of America.

When she was called upon to serve her fatherland, Nkonjo-Iweala took a leave of absence from the World Bank where she served as vice president to satisfy her patriotic zeal to serve. She was the Minister for Finance in Nigeria where she called the shots until June 21 2006. She was redeployed to the Ministry of Foreign Affairs, in controversial circumstances that eventually led to her unceremonious exit from the corridors of power. But she was undeterred. Few days after her resignation from Obasanjo's cabinet, she was nominated a board member of the $5 million Mo Ibrahim prize for leadership Foundation

Ngozi Okonjo-Iweala is a woman of sterling quality that made Nigeria proud in all areas of human endeavour. On assumption of office, she assisted the President in setting up the Economic Management Team which met with the president weekly to take key economic decisions. A significant result of her unquenchable burning desire to serve was the setting up of an economic team which put spanners to work and midwife the economic reform agenda. The reforms ensured prudent management of the nation's resources, enthroned transparency which led to the monthly publication of the revenue allocation to states and local governments. The reform also ensured that due process was put in place and that the country has value for money spent on projects. That is not all. The huge external reserves which accrued to the Federal Government is a commendable testament of her unequalled record in prudent management.

Okonjo-Iweala would ever be remembered for the debt relief she secured for Nigeria using her relationship with her colleagues in the World Bank.

But before the country was able to secure the debt relief the total debt of the country stood at $36 billion. About $28 billion or 85 percent was owed the Paris club of 15 nations, 8 percent to multilateral institutions like the African Development Bank, while 7 percent was owed the London creditors and promissory note holders. Annual debt service then was to the tune of $3 billion. The ownership structure of the debt was such that the Federal Government pays about 75 percent of the debt service while the remaining 25 percent is paid by the states. This is the embarrassment Okonjo-Iweala saved the nation from.

With careful vision and plan she has transformed adversary into victory and has used superior execution to turn opportunities into ultimate victory.

It used to be said of the great runner Miruts Yifter, that he treated his entire race as campaigns not battles. At 4000 metres, other runners begin to sweat; 5000metres Yifter was only beginning to run. The lesson here is that for those on the same pedestal with Ngozi Okonjo-Iweala, the race has just begun and it is a marathon. Congratulations madam.