NBF Leadership Speaker Series III, September, 2005
Dr. Mrs. Ngozi Okonjo-Iweala, is honored by the NBF after landmark agreement by Switzerland, Nigeria and the World Bank.
Washington, D.C. September 27th, 2005.
The Nigerian Business Forum (NBF) hosted the Leadership Speaker Series III in Georgetown, Washington, D.C. The guest speaker was Dr Mrs. Ngozi Okonjo-Iweala, the Nigerian Honorable Minister of Finance. As Nigeria’s finance minister, she is one of only two female finance ministers in the world and controls the finances of a nation of over 130 million people in a country the size of Western Europe.
As the leader of the economic reform team in Nigeria, Dr. Okonjo-Iweala negotiated and successfully lobbied the Paris Club of Creditors to offer debt relief to Nigeria. Credited to her is also the re-classification of Nigeria’s IDA (International Development Association) status at the World Bank. Other laudable activities involve her contribution through the economic reform team, social reforms which are already combating corruption , improving transparency, and turning the economy around as evident in increased GDP and reduced inflation.
Dr. Ngozi Okonjo-Iweala, gave her talk at the forum, a few hours after a landmark agreement between the governments of Switzerland and Nigeria, working together with the World Bank to return looted funds back to Nigeria. With this agreement, the Swiss Government will be returning to Nigeria $458 million stolen by the late military dictator General Sani Abacha deposited in Swiss banks. The Swiss have already transferred $290 million of the money.
“The agreement that has been reached between Nigeria and Switzerland is a landmark agreement,” said World Bank President Paul Wolfowitz at a press conference that morning with the Nigerian Finance Minister Ngozi Okonjo-Iweala and Swiss Secretary of State in the Ministry of Economic Affairs Jean-Daniel Gerber, before the NBF speaker series.
L-R - Paul Wolfowitz, World Bank President, Dr Mrs.Ngozi Okonjo-Iweala, Honorable Minister of Finance, Nigeria, Jean-Daniel Gerber, Secretary of State, Ministry of Economic Affairs, Switzerland
At the NBF speaker series, Dr. Okonjo-Iweala had an opportunity to speak in an intimate environment to the members of the NBF. She spoke about the government’s implementation of the home bred National Economic Empowerment and Development Strategy (NEEDS) program. She stated the positive effects it has had on the economy as evident in lower single digit inflation numbers, and increased GDP.
She spoke further about the recently announced debt relief package by the Club de Paris (Paris Club of Creditors), and the immense benefits that will accrue to the country from it. Dr. Okonjo also encouraged all attendees to support the economic reforms back home. She mentioned the tough challenge of fighting corruption and graft in the country spearheaded by Mallam Nuhu Ribadu of the Economic and Financial Crimes Commission (EFCC), who also met with the NBF in June 2005. She cited that the anti-graft war by the EFCC , has resulted in the arrest of the former number three person in the government; a senate president, sitting judges, a sitting inspector-General of the Nigerian police, state governors and others.
Dr. Okonjo-Iweala commented on the efforts of the Nigerian government in signing the Extractive Industries Transparency Initiative (EITI). Which has led, to more transparency and due process in the oil, gas, and the mineral refining industry in Nigeria. “Another crack member of the economic reform team , Dr Mrs. Oby Ezekwesili, Honorable Minister of Solid Minerals is part of these efforts too. “ she says.
On the issue of revenue allocation and oil revenues, the Minister said that all oil revenues and budgetary allocations were now transparent. She said all allocations to the federal, state ,and local governments were published on the Federal Ministry of Finance website, and newspapers for the world to see. She says” Everyone can now see what monies their state or local governments earn, and inquire on what they spend.”
Dr. Ngozi Okonjo-Iweala highlighted that democracy in Nigeria has been very progressive, and has yielded advantages like more freedom of speech by the media. She however chided some reporters in the Nigerian media, for false or misrepresentations of issues. She encouraged the media to be more objective and factual in their reporting, in order to give a balanced view to the public.
Dr. Okonjo-Iweala then encouraged the members of the NBF to come back home and participate in the reforms and assist in nation building. She spoke on the importance of the Diaspora in helping with some of the image problems and misconceptions abroad, and said to the audience, “Criticize your government, not your country”.
She was later honored by the NBF for her exemplary efforts in the current administration. Announcing the award was Ade Famoti, NBF President who cited the achievements of the Honorable Minister, and encouraged her to keep up the great work. The “NBF Distinguished Leadership” award was later presented to her by Ayo Adenuga, executive NBF Director.
The NBF President, Ade Famoti, gave closing remarks, and commended Dr Mrs. Ngozi Okonjo-Iweala for her role in negotiating the debt relief with the Paris Club, a deal which saw the creditors agreeing to write off an estimated $18billion of the country's $30bilion external debt.
L-R - Ade Famoti (NBF President), Dr Mrs. Ngozi Okonjo-Iweala (Nigeria, Honorable Minister of Finance), Ayo Adenuga (NBF Director of Operations)
L-R - Dokun Adewole (NBF Regional Representative, Charlotte), Dr. Ngozi Okonjo-Iweala, Dare Odugbesan (NBF Public Relations Director)
Members of the Nigerian delegation to the speaker series (Senior staffers of the Federal Ministry of Finance, Nigeria)
Ade Famoti (NBF President) giving remarks
Dr. Ngozi Okonjo-Iweala (Honorable Minister of Finance) flagged by NBF members
Read Dr.Ngozi Okonjo’s article on “understanding Nigeria’s debt problem” in the NBF August 2005 Newsletter.
