By Pat Onukwuli
In an awe-inspiring ceremony at the Grand Albert Hall, the top-ranking and diverse University of Bolton UK, marking its bicentennial celebration on July 18, 2024, awarded Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), an honorary doctorate in Business Administration. This prestigious honour reflects her extraordinary contributions to global economic governance and her steadfast commitment to public service. Her selflessness and influence position her as a trailblazer in international economic development.
Dr.NgoziOkonjo-Iweala, a global icon of immense stature, has achieved several pioneering milestones. She served twice as Nigeria’s Finance Minister and briefly as Foreign Minister, breaking barriers as the first woman to hold these positions. Her impressive and extensive credentials make her a role model for aspiring leaders. Her tenure was marked by significant reforms that improved the effectiveness of these ministries. These reforms, demonstrating her capabilities, had a lasting impact on the Nigerian economic landscape.
As Finance Minister, her strategic initiatives and reforms in Nigeria were instrumental in fostering sustainable development and economic stability, instilling confidence in the nation’s future. She has set a benchmark for economic governance in developing countries by negotiating debt relief and implementing transparency and anti-corruption measures. She led Nigeria through various reforms in macroeconomics, trade, and the financial and real sectors, demonstrating her commitment to enhancing competitiveness and driving economic progress.Her works brought stability to Nigeria and served as a model for other nations striving for financial reform.
Herinternational career spans over four decades, during which she has held several significant roles, including Chair of the Board of Gavi, the Vaccine Alliance, and positions on the Boards of Standard Chartered PLC and Twitter Inc. Her negotiation skills and consensus-building abilities have earned her widespread trust and respect among governments and stakeholders worldwide, consistently producing win-win outcomes. Her efforts during the COVID-19 pandemic as the African Union Special Envoy and WHO Special Envoy for Access to COVID-19 Tools Accelerator were pivotal in mobilising financial support and ensuring access to essential resources for the most vulnerable populations.
She had a 25-year career at the World Bank, where she rose to the No. 2 position of Managing Director of Operations and became the first woman and African to contest for the presidency of the World Bank.Her extensive work with global institutions such as the World Bank, the African Union, and the World Health Organization, coupled with numerous accolades and recognitions from esteemed publications like Forbes, TIME, and the Financial Times, solidifies her reputation as one of the most influential and respected figures in the world today, making all Nigerians proud of her global impact.
Therefore, her journey from the small town of Ogwashi-Ukwu in the Delta State of Nigeria to global stardom is inspirational.Her ability to shine in diverse roles – from academia to finance to international diplomacy – underscores her versatility and the breadth of her expertise.Her story is a powerful reminder of what can be achieved with determination, intellect, and a commitment to making a difference.
This honorary doctorate is a testament to Dr.Okonjo-Iweala’s remarkable impact on global economic policies. It also underscores Dr Okonjo-Iweala’s relentless advocacy for gender equality and the empowerment of marginalised communities. Throughout her career, she has championed the cause of women, pushing for more excellent representation in leadership roles and creating opportunities for women to pursue their ambitions. Her efforts have inspired countless women globally, contributing to a more balanced and equitable world.
At the ceremony, Okonjo-Iweala’s aura was palpable and nothing short of electrifying. She shone brightly, her presence exuding the confidence and poise of a seasoned leader who has navigated complex economic landscapes with finesse.Draped in her vibrant tie-and-dye attire and signature headgear, she captivated the audience with her charisma and poise. Her acceptance speech was a masterclass in humility and wisdom. Emphasising the importance of resilience, innovation, and inclusivity in today’s rapidly evolving world, she drew from her extensive experience in national and international arenas. Her words resonated deeply, urging the next generation of leaders to embrace these values and strive for excellence.
DrOkonjo-Iweala also took the opportunity to emphasise a critical message: world trade should be about interdependence, not overdependence. She highlighted that the WTO has sometimes failed to get it right, leading to poverty in developing countries. This candid acknowledgement underscores her commitment to reforming the global trade system to ensure it benefits all nations equitably. This is consistent with Oxfam International’s paper highlighting world trade broken promises by rich countries, preventing developing nations from achieving a fair share of global wealth and denying their citizens the opportunity to escape poverty.
Oxfam insists that if industrialised nations honoured their commitments to providing improved market access and more equitable treatment at the WTO, globalisation could deliver tangible benefits for poverty reduction. However, Northern governments have maintained skewed trade policies favouring wealthy countries, reinforcing global inequality. It maintained that rich countries have repeatedly failed to fulfil their promises, including phasing out protection against textiles and garments imports, scaling down agricultural subsidies, and removing trade barriers against the poorest countries.
The WTO was established to promote global trade and economic growth, aiming to benefit all nations, including the poorest. Therefore, to ensure worldwide prosperity and poverty reduction, the WTO can significantly support developing countries like Nigeria, which primarily exports raw material commodities, by promoting fair trade practices and enhancing capacity building. Reducing tariffs and eliminating non-tariff barriers can help these countries access global markets more effectively, ensuring their products are competitively priced. By combating trade dumping and advocating for reforms in agricultural subsidies in developed countries, the WTO can protect local industries and make it easier for farmers and raw material producers to compete internationally.
Despite the shenanigans and hypocrisy often exhibitedby industrialised countries, Dr Okonjo-Iweala’s leadership of the WTO has been characterised by her unwavering advocacy for equitable trade practices. She has been instrumental in ensuring that the benefits of global trade are distributed more fairly, especially among developing nations.
For Nigeria, she is a national treasure whose achievements have brought immense pride and global recognition. Her work has had a profound impact on the nation’s image and goodwill and has showcased Nigeria’s potential on the international stage. As a trailblazer in global economic governance, she has shattered glass ceilings and created pathways for others to follow. She exemplifies the spirit of excellence and resilience, serving as a role model for aspiring leaders within and outside the country, especially as Nigeria currently grapples with serious economic challenges.
As the world grapples and continues to navigate complex economic and social challenges, leaders like Dr.NgoziOkonjo-Iweala offer a beacon of hope and direction. Her contributions to global trade, advocacy for economic reforms, and efforts to uplift the underrepresented make her a formidable force in international relations. Thus, this honorary doctorate from the University of Bolton is a fitting acknowledgement of a career that continues to improve the world. It further solidifies her as a global leader and a trailblazer in international economic governance. Her legacy is a testament to what can be achieved with passion, perseverance, and a steadfast commitment to making the world better for all.
• Onukwuli,PhD, writes from Bolton, UK, via [email protected]