Okonjo-Iweala fits the bill as WTO director-general

Nigeria's Minister of Finance Ngozi Okonjo-Iweala speaks during the World Economic Forum in Abuja on May 9, 2014. PHOTO | AFP

By CHRIS DIAZ
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Summary

• Dr Okonjo-Iweala has served twice as Nigeria’s Finance Minister (2003-2006 and 2011-2015) and as the country’s foreign minister in 2006, a position she held concurrently with her finance post.
• She is credited with overhauling Nigeria’s trade policy, increasing the country’s external trade competitiveness.
• Moreover, she was the first African candidate to contest for the World Bank’s Presidency in 2012.

The curtains may have fallen on Kenya’s prospects of producing the next World Trade Organisation (WTO) director-general, but the country should still be very proud of its bid.

In Sports and Culture Cabinet Secretary Amina Mohamed, Kenya had a formidable and outstanding candidate for the job.

Ms Mohamed has already served at the top tier of the organisation, including as the chairperson of the Ministerial Conference (2015), the General Council (2005), the Dispute and Settlement Body (2004) and the Trade Policy Review Body (2004).

Having also served as Kenya’s permanent representative and ambassador to the WTO between 2000 and 2006, she had been seen as a front runner to succeed Roberto Azevedo who resigned on May 14.

As fate would have it, this has not turned out to be the case. In the aftermath of the WTO board announcing the two finalists, a concerned Kenya reportedly wrote a protest letter to the EU questioning its decision not to support Ms Mohamed’s candidature at the penultimate stage.

Multiple sources have attributed the fallout to the country’s loyalties amidst ties with China — a country seen as having blossoming international trade in Africa while locked in an open trade war with the United States.

Kenya, through the Ministry of Foreign Affairs, has since pledged its support for the Nigerian candidate, Ngozi Okonjo-Iweala.

With the field of candidates narrowing to two, the WTO leadership is now expected to enter a final round of consultations running to October 27 before a final pronouncement on the next director-general is made in early November.

Whichever way the vote goes, the WTO’s seventh director-general will be a woman, with the other candidate being South Korea’s trade minister Yoo Myung-hee.

Nevertheless, Africa has the opportunity to ascend to the world’s top trade organisation through the election of Dr Okonjo-Iweala.

Kenya has, for instance, called on the 164 members of the WTO to keep to their promise of electing an African to the post.

Africa’s ascent to the organisation’s leadership would be beneficial to not just the continent but also global trade.

Seen as a neutral candidate in trade relations recently shaped by tensions, including the US-China trade tiff and Brexit, an African directorship at the WTO would be positive for global trade harmony.

The continent is advocating collaboration as opposed to nationalisation of economies.

Further, Africa — a continent continuously left behind in global trade — can leverage the position to put itself at par with the rest of the world.

Nigeria’s Okonjo-Iweala fits the profile of what an African representative in global trade ought to be.

She has 30 years of experience as an global finance expert, an economist and an international development professional.

She presently sits on the boards of Standard Chartered PLC and Twitter Inc and has served as a World Bank development economist for quarter of a century.

Dr Okonjo-Iweala has served twice as Nigeria’s Finance Minister (2003-2006 and 2011-2015) and as the country’s foreign minister in 2006, a position she held concurrently with her finance post.

She is credited with overhauling Nigeria’s trade policy, increasing the country’s external trade competitiveness.

Moreover, she was the first African candidate to contest for the World Bank’s Presidency in 2012.

It is time for Africa and a strong woman to drive the change agenda at the WTO. The world is going through tough times. Keeping economies moving forward and global trade growing remains critically important.

Diaz is Brand Africa Trustee and Director East African Business Council (EABC)