2 - Nigeria’s Iron Lady

Abstract

On the sidelines of the World Economic Forum (WEF) in Cape Town in March 2013, I chaired a book launch starring Nigeria’s formidable first female finance minister, Ngozi Okonjo-Iweala, resplendent in her trademark African traditional dress and matching head-gear. She talked unpretentiously, without the affected foreign accent of some Nigerians that have spent two decades abroad. She had recently published a book titled Reforming the Unreformable on her time – between 2003 and 2006 – as finance minister of Africa’s largest economy, the world’s eighth most populous state, and its sixth largest oil-producer. She had been the architect of the deal to pay off Nigeria’s $30 billion debt (the second largest such debt deal with the Paris Club of creditors at the time), and led a team of technocratic reformers seeking to tackle corruption, build efficient public and private institutions, obtain Nigeria’s first sovereign debt rating, and transform the country into an emerging economy.