Experts hail Okonjo Iweala’s appointment, set agenda for new WTO boss
By Kasim Bakare
Following the announcement of Nigeria’s Dr. Ngozi Okonjo Iweala as the first black female Director-General(DG) of the World Trade Organization(WTO), experts in the Nigerian Integrated Marketing Communications sector have expressed their excitement on the historic appointment. They noted that the appointment portends a lot for trade development in Africa, especially considering her outstanding performance in pushing debt relief and economic reforms during her time as Nigeria’s Finance minister.
It would be recalled that Okonjo-Iweala was Nigeria’s finance minister under President Olusegun Obasanjo between 2003 and 2006. Shortly after she was sworn in as Nigeria’s finance minister on July 17 2003, she reportedly received a letter from President Obasanjo with terms of reference instructing that one of the items she had to deliver during her tenure was Paris Club Debt Relief for Nigeria.
Suffice to say that Nigeria was in a precarious debt situation at that period and consequently sought for Paris club debt relief. The Paris Club weren’t disposed to giving the country a debt relief because previous debts were not serviced despite Nigeria’s huge income from crude oil. The debt burden had become an albatross to economic development at the time and Okonjo Iweala’s appointment changed the seemingly impossible picture earlier painted by economic experts on Nigeria’s ability to get a debt relief.
Consequently, Nigeria had to meet some fundamental criteria of the club most of which it was not well-positioned to meet. At the time, the country was experiencing considerable macroeconomic instability and weak growth in the run-up to 2003. In fact, previous administrations had committed huge sums of money to the debt relief project but the results were futile.
When Okonjo Iweala came in, she led the economic reforms and developed the National Economic Empowerment and Development Strategy (NEEDS) programme that sought to, among other things; stabilize the macro economy, fight corruption and bring transparency to government business, strengthen fiscal policy and improve the management of the budget, privatize inefficient state assets and liberalize key sectors, and implement public service reform as well as financial sector restructuring.
A dogged fighter that she is, she stayed committed to the cause of debt relief for Nigeria and undertook her crusade to the creditor nations with much vigour and passion, often shuttling travels between Nigeria and those nations making up the Paris Club. Her efforts eventually paid off on June 29 2005, when Nigeria and the Paris Club reached an historic agreement on an US$18 billion (amounting to 60 percent )write-off of Nigeria’s Paris Club debt.
Her historic feat of debt relief during Obasanjo’s administration and other outstanding exploits has been the hallmark of a professional career that spanned stints at Bretton Woods institutions. Needless to say that she is also a firm believer in excellence beyond racial and political prejudice.
In recent time, her doggedness and maturity was displayed during the selection process that witnessed the objection and chicanery of the Trump administration to her candidacy. Even when it appeared the Trump presidency was trying to rock the boat, she kept her cool and composure. It was therefore cheering when the waiting game ended and she was finally announced as the new WTO DG on 15th February, 2021.
In her first reaction after the announcement, Okonjo Iweala expressed her commitment to hit the ground running despite the ravaging effects of Covid-19 on global economy.
“I am honoured to have been selected by WTO members as WTO Director-General. A strong WTO is vital if we are to recover fully and rapidly from the devastation wrought by the COVID-19 pandemic. I look forward to working with members to shape and implement the policy responses we need to get the global economy going again. Our organization faces a great many challenges but working together we can collectively make the WTO stronger, more agile and better adapted to the realities of today.”
Experts in the IMC sector and other sectors of the economy have expressed their views on the deserving appointment of Dr.Ngozi Okonjo Iweala, saying that it will herald a new dawn for trade growth and developments and as such boost the marketing and advertising sector.
Commenting on the appointment, Former Marketing Director, Nestle Nigeria Plc, Mrs Iquo Ukoh stated that the appointment is not only deserving but a recognition of women and their potentials.
“It’s something we are all proud of. It’s good news for women development. I am particularly impressed by her doggedness and determination despite the challenges and obstacles she faced in the selection process.
On the implication for Trade development in Africa and Nigeria in particular, she said:”We are hopeful that she will implement global policies that will impact trade in Africa and in particular Nigeria. Most importantly, we expect sustainable trade policies that will impact the common man in Africa especially at this critical period”.
Also commenting on the appointment of Okonjo Iweala, Group Division Executive Director, Remita, David Okeme had this to say: “Her appointment will be good for investments and partnerships that will ultimately increase Africa share of global trade, from a miserable 2% currently. She will be good for the continent and the people especially women! I am proud to be a Nigerian”, he noted.
DG Lagos Chamber of Commerce and Industry(LCCI), Muda Yusuff described NgoziOkonjo-Iweala as “ a woman who is very forthright and accountable”. He noted that she was very effective in her job as a finance minister even when she was also saddled with the responsibility of the Coordinating minister for the economy
He continued: “When she was deployed to the foreign affairs ministry, she also did very well, even though she was not a trained diplomat she was able to take charge of anything that has to do with the economy in terms of the policies, institutions, the regulations. It is a great credit to her and recognition of her pedigree, capacity and integrity to have been selected to head a global multilateral institution”.
On the implications of her emergence as the DG of WTO, the LCCI boss noted that it was primarily significant for Nigerians. He stated that it would serve as a source of pride that a Nigerian has emerged as the first African, the first black person, the first woman to head a global body- the WTO.
Yusuff is optimistic of Africa leveraging her appointment to boost trade and trade negotiations. According to him, Africans did not have much reckoning at the WTO for a very long time due to lack of capacity, in trade negotiations and competitiveness in many of the African economies. He noted that the emergence of Okonjo Iweala will open a new vista of opportunities in WTO for African countries.
He is also optimistic that the windows of opportunity strengthen the institutions and the processes not just for Nigeria, but for all other African countries. He averred that Okonjo-Iweala can create the opportunity but individual countries will also have to be ready to take advantage of those opportunities by ensuring that they strengthen their competitiveness, to be able to take advantage of the opportunities.
Commenting on areas he would like the new helmsman at WTO to focus on, the LCCI helmsman said: “I hope the new WTO DG looks at trade processes, settlement of trade disputes, increasing the credibility and trust in WTO, and ensuring that we have better environment for global trade, strengthening the issues of multilateralism, and also reducing all bilateral trade friction among countries, she should be able to lead that organization to settle whatever dispute that are generating some of these frictions”
Also commenting on the issue, Executive Secretary, Media independent Practitioners Association of Nigeria(MIPAN), Eki Adzufeh, expressed his views on Dr. Okonjo-Iweala’s appointment and what to expect from her new position.
His words:”She has a pedigree for good and workable economic policies and decisions. Hence, with her new position and with the assistance of some world economic experts around the world, she is expected to create a big impact on the world economy and particularly the developing economies which Nigeria is one of”.
When asked on what the expectation of Nigerians should be on her new position, he said: “Nigeria and Nigerians should expect to receive a lot of policies (though advisory) that will attempt to open up their economy, diversify the economy from mono product of oil to encouraging private sector and more of SME businesses than what obtains now.”
He added that government will be advised to hands off many businesses that it is involved right now to open up the space for more private sector involvement which could generate more employment and more. However, he noted that the only caveat is that this can only happen if the government of the day accepts to buy such policies rather than playing politics especially in the areas that wouldn’t benefit the selfish interest of the people in government.
Adzufeh said, aside from the possible advantages above, one very big implication is that Nigeria as a country will gain some respect again among the comity of nations. He was optimistic that her performance will pave way for opportunities for Nigerians. His words: “When she performs well, it will also open up opportunities for other Nigerians to get international appointments.
He continued: “I also expect that there could be more inflow of International foreign investment which should create more employment, more liquidity in the system, more productivity and possible strengthening of the Naira against other foreign currencies especially the US Dollar”.
MD/CEO of Davebrook Limited, Seun Adesida believes there is a whole lot to be done to stabilize global trade as the impact of covid-19 still persists. He reiterated that the global trade organization(WTO) will need to formulate new policy that will take into cognizance the peculiarity of the African economy with special emphasis on Nigeria being the largest economy in Africa. Adesida is optimistic that Okonjo Iweala will facilitate a lot of global trade deals that will bring foreign direct in-trades to a nation like Nigeria which has suffered gravely due to lack of export in an occasion like the lock down.
“As the global economy tries to recover, I am optimistic her presence in WTO will impact positively on global trade as it will lead to trade growth in Africa especially Nigeria”.
Ololade Bamgbola, a PR expert on her part, said, having Okonjo Iweala as the new Director General of the World Trade Organisation is a welcome development. She noted that her appointment has put Nigeria in a global front line because people have different opinions about Nigeria globally.
“Okonjo Iweala is a smart woman, when it comes to World trade she will be beneficial to Nigerian economy, she will help fill the gap between Nigeria and foreign countries” she quipped.
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