It’s been almost 10 years since I sat down for coffee with
Ngozi Okonjo-Iweala in Davos. A former World Bank VP
and then Nigeria’s finance minister, she was looking for
assistance in what became, 15 months later, a $30 billion
debt reduction deal with Nigeria’s bilateral creditors. I’m
proud that CGD played a role in securing a deal; forgiving
the debt of an oil-rich country burdened by corruption was
controversial and complicated (see Todd Moss’s April 2006
blog post here). A first step was more political than
financial: persuading Nigeria’s creditors in Europe that
Nigeria was eligible for IDA status. At that and every
subsequent step during two rounds as finance minister
(including managing a reduction in Nigeria’s regressive fuel
subsidies), Minister Okonjo-Iweala’s contribution has been
fundamental in her own country’s struggle to become a
better economy and democracy.
In the meantime, Ngozi Okonjo-Iweala has served as vice
president and then managing director under the last three
presidents of the World Bank, and in 2012 was a candidate
for the presidency at the World Bank.
So it is a thrill for me that Ngozi is now joining CGD as a
distinguished visiting fellow. In the immediate future she
will be working on the challenge of deepening and
broadening financial services (credit, savings, insurance)
for the world’s small farmers, bringing her own
extraordinary experience and economic savvy to that
tough issue.
Welcome Ngozi!
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