Tag Archives: World Bank

WTO: EU supports Nigerian candidate

Brussels 26.10.2020 According to an EU official the bloc has taken decision to put its weight behind the Nigerian candidate D.Ngozi Okonjo-Iweala for the post of WTO Director-General to succeed the current Director-General, Mr Roberto Azevêdo, who has announced he will step down on 31 August 2020.

Apparently the discussion took place at the latest EU Council, some member-states were not ready define their preferences, and it took a lot of effort from the president Charles Michel to reach consensus in this matter.
The choice of an African candidate is a “strong signal in support of the multilateral order”, the official added.
The decision is also symbolising the EU trust in Africa, and underlines the significance of the relations between two continents.

Dr Okonjo-Iweala brings more than 30 years of development and financial expertise to the Gavi Board. She has twice served as Nigeria’s Finance Minister, most recently between 2011 and 2015 – a role that encompassed the expanded portfolio of the Coordinating Minister for the Economy. In 2006 she served as Foreign Affairs Minister. She has also held several key positions at the World Bank, including as Managing Director.

As a former Finance Minister, Dr Okonjo-Iweala’s experience and expertise are particularly valuable as Gavi strives to ensure that immunisation programmes are financially sustainable. Her strong commitment to finding private sector solutions to development challenges further contributes to Gavi’s mission.

Dr Okonjo-Iweala is currently a senior adviser at Lazard and serves on the boards of the Rockefeller Foundation and the Center for Global Development, among others. She is also the chair of African Risk Capacity, a specialised agency of the African Union to help member states prepare for and respond to extreme weather events and natural disasters.

Being one of renown economists, she was named by Fortune magazine as one of the 50 greatest world leaders in 2015, and by Forbes for five consecutive years as one of the 100 most powerful women in the world. In 2014, Dr. Okonjo-Iweala was recognised by Time magazine as one of the world’s 100 most influential people.

Dr.Okonjo-Iweala is the author of several books including “Reforming the Unreformable: Lessons from Nigeria”, published in 2012.

A development economist and former Finance Minister of Nigeria, Dr Ngozi Okonjo-Iweala has been the Board Chair of Gavi, the Vaccine Alliance, since 1 January 2016.

Nigeria 40% population in poverty

Nigeria National Bureau of Statistics (NBS), in a report monitoring poverty and inequality from September 2018 to October 2019, said 40% of people in the country lived below its poverty line of 137,430 naira ($381.75) per year. It signifies that it represents 82.9 million people of the most populaous country in Africa.

Nigeria is the top oil exporter in Africa, which has generated wealth related to crude sales that account for more than half of government revenue. But a failure to diversify the economy and build much needed transport and power infrastructure has retained growth and the spread of wealth beyond a rich elite.

Rapid population growth exceeds economic growth, which stands at around 2%. The United Nations (UN) estimates that Nigeria will have a population of 400 million ihnabitant by 2050.

Nigeria was already struggling to shake off the impact of a 2016 recession before the new coronavirus pandemic hit economies worldwide.

Nigeria is a multi-ethnic and culturally diverse federation which is formed by 36 autonomous states and the Federal Capital Territory.

Inequality in terms of income and opportunities has been progressing rapidly and has affected poverty reduction. The North-South divide has widened in recent years due to the Boko Haram insurgency and a lack of economic development in the northern part of the country.

Large pockets of Nigeria’s population still live in extreme poverty, without adequate access to basic services, and could benefit from more inclusive development policies. The lack of job opportunities is at the core of the high poverty levels, of regional inequality, and of social and political unrest in the country.