Table of Contents
- Biography
- Career
- Awards & Nominations
- Personal Life
- Social Media
- Net Worth
- Salary
Biography
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Ngozi Okonjo-Iweala (born June 13, 1954) is a distinguished economist of Nigerian-American heritage. She assumed the role of Director-General at the World Trade Organization in March 2021, marking her as the first African-American woman to hold this prestigious position.
She is not only the first woman but also the first African to lead the World Trade Organization as Director-General.
Prior to this role, Ngozi Okonjo-Iweala served as Nigeria’s Finance Minister and Foreign Minister and worked with the World Bank. Her expertise in economic development, finance, and international trade has earned her numerous awards and honors.
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FACTS & ABOUT DATA
- Full Name: Ngozi Okonjo-Iweala
- Stage Name: Okonjo-Iweala
- Born: 13 June 1954 (age 69 years old)
- Place of Birth: Ogwashi-Ukwu, Delta, Nigeria
- State Of Origin: Delta State
- Nationality: Nigerian
- Education: Harvard University, Massachusetts Institute of Technology
- Height: 1.56 m
- Parents: Chukwuka Okonjo, Kamene Okonjo
- Siblings: N/A
- Spouse: Ikemba Iweala
- Boyfriend • Partner: N/A
- Children: Onyinye Iweala, Uzodinma Iweala, Okechukwu Iweala, Uchechi Iweala
- Occupation: Economist, Businesswoman
- Net Worth: $550 million
Early Life & Education
Ngozi Okonjo-Iweala, born on June 13, 1954, in Ogwashi-Ukwu, Delta State, Nigeria, hailed from an academic pedigree. Her father, Chukwuka Okonjo, a distinguished economist, and her mother, Kamene Okonjo, a diligent researcher, provided the intellectual foundation of her upbringing.
Educated at esteemed institutions, including Queen’s School in Enugu, St. Anne’s School in Ibadan, and the International School in Ibadan, her thirst for knowledge led her to Harvard University, where she earned a bachelor’s degree in economics.
Continuing her academic odyssey, Ngozi Okonjo-Iweala pursued a Ph.D. in regional economics and development at the Massachusetts Institute of Technology (MIT).
Career
Following her studies in the United States, Ngozi Okonjo-Iweala returned to Nigeria and began her career as an economist at the World Bank. Swiftly climbing the ranks, she ultimately assumed the role of Managing Director, overseeing operations in Africa, South Asia, Europe, and Central Asia. Her tenure saw tireless efforts to bolster economic development and alleviate poverty in some of the world’s most disadvantaged regions.
During her impressive 25-year stint at the World Bank, Ngozi Okonjo-Iweala‘s role expanded exponentially. She rose to the prestigious position of Managing Director of operations, shouldering responsibility for the World Bank’s vast $81 billion operational portfolio across Africa, South Asia, Europe, and Central Asia. Her contributions were pivotal during the 2008–2009 food crises and the subsequent financial upheaval. In 2010, she chaired the IDA replenishment, securing a remarkable $49.3 billion in grants and low-interest credit for the world’s poorest nations.
Transitioning to the Nigerian government, Ngozi Okonjo-Iweala served twice as Finance Minister (2003–2006 and 2011–2015), briefly as Foreign Minister in 2006, and as Coordinating Minister for the Economy. She was the first woman to hold these key positions. Her leadership ushered in groundbreaking economic reforms, including the negotiation that wiped out a staggering $30 billion of Nigeria’s debt, a feat that included the cancellation of $18 billion.
She introduced oil-based fiscal rules, the “Excess Crude Account,” and facilitated Nigeria’s first sovereign credit rating. Her drive for transparency led to the publication of revenue shares among federal, state, and local governments, enhancing governance accountability.
Back at the World Bank in 2007, Ngozi Okonjo-Iweala continued her influential work. In her second term as Finance Minister, she championed reforms that eliminated ghost workers, saved $1.25 billion, and bolstered the housing sector with the Nigerian Mortgage Refinance Corporation’s establishment. She re-based Nigeria’s GDP, establishing it as Africa’s largest economy after a 24-year hiatus.
Beyond economic reforms, she empowered women and youth through initiatives like the Growing Girls and Women in Nigeria Programme and the Youth Enterprise with Innovation Programme. Her efforts drew threats and personal challenges, but she remained steadfast.
Ngozi Okonjo-Iweala‘s influence extended globally, with roles on the Commission on Growth and Development, the International Monetary and Finance Committee of the IMF, and the UN’s High-Level Panel on the Post-2015 Development Agenda. She even contended for the World Bank presidency in 2012.
Ngozi Okonjo-Iweala continued her remarkable journey post-government service, participating in significant initiatives like the International Commission on Financing Global Education Opportunity, co-chairing the COVAX Facility, and chairing the Board of Gavi, the Vaccine Alliance.
In 2020, she made history as the first African and first woman to become Director-General of the World Trade Organization.
Her tireless commitment to global health continued with roles in the G20 High-Level Independent Panel on pandemic preparedness, the COVAX Facility, and the Multilateral Leaders Task Force on COVID-19 Vaccines.
In January 2022, Ngozi Okonjo-Iweala joined the Group of Thirty (G30), an esteemed consortium of global policymakers, further solidifying her status as a prominent voice in international finance.
Awards & Nominations
Ngozi Okonjo-Iweala‘s exceptional contributions have garnered a multitude of prestigious accolades and honors. She earned a place among the World’s 50 Greatest Leaders according to Fortune in 2015 and consistently ranked among Forbes’ Top 100 Most Powerful Women in the World from 2011 to 2015. Her illustrious journey also includes the receipt of the David Rockefeller Bridging Leadership Award in 2014 and the Global Fairness Award in 2015.
Her indelible mark on economic development and poverty reduction extends well beyond her homeland, Nigeria. She remains a highly esteemed figure in the global economic community, a testament to her enduring influence and unwavering commitment to positive change.
Personal Life
Ngozi Okonjo-Iweala is happily married to Dr. Ikemba Iweala, and their union has been blessed with four children. Her children, Dr. Onyinye Iweala, Uzodinma Iweala (MD), Okechukwu Iweala, and Uchechi Iweala (MD, MBA), have all proudly earned their academic stripes at Harvard, a testament to their intellectual prowess.
In personal pursuits, Ngozi Okonjo-Iweala‘s husband, Dr. Ikemba Iweala, has carved a distinguished path as a Neurosurgeon, making significant contributions to the field of medicine.
However, Ngozi Okonjo-Iweala‘s narrative has been punctuated by adversity. Tragedy struck when two of her siblings fell prey to kidnappers in Nigeria, leading to a harrowing ordeal involving ransom demands. Regrettably, one sibling met a tragic end, while the other was eventually released.
Social Media
- Twitter handle: Ngozi Okonjo-Iweala (@NOIweala)
- Facebook: Ngozi Okonjo-Iweala
- LinkedIn: Ngozi Okonjo-Iweala
- Email: [email protected]
Net Worth
Ngozi Okonjo-Iweala‘s amassed net worth is estimated to hover around the impressive sum of $550 million.
Salary
Regarding her compensation, as an Independent Non-Executive Director at Standard Chartered Plc, Ngozi Okonjo-Iweala receives a total of GBX139,000. It’s worth noting that among the top brass at Standard Chartered Plc, 12 executives enjoy higher compensation, with William Winters leading the pack with a substantial $5,932,000.
