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First with the News

Breaking: WTO Confirms Okonjo-Iweala As Director-General

The senior Nigerian economist has made history as the first woman and the first African to lead the international trade body.

February 15, 2021
in Economy, Top Stories
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WTO: Iweala Reacts to US Endorsement For WTO Top Job, Thanks Buhari, Nigerians, Biden for support

Ngozi Okonjo-Iweala. WTO

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Nigeria’s former Finance Minister, Ngozi Okonjo-Iweala has been confirmed as the next Director-General of the World Trade Organisation.

With the confirmation, the senior Nigerian economist has become the first woman and the first African to lead the international trade body.

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Her term is scheduled to start on March 1.

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The previous U.S. administration of President Donald Trump had blocked the appointment process by opposing Okonjo-Iweala.

Trump’s successor Joe Biden last week threw his weight behind the woman who previously served as Nigerian finance and foreign minister, and as the managing director of the World Bank.

Okonjo-Iweala prevailed over several other candidates in the months-long WTO leadership race, including South Korean Trade Minister Yoo Myung Hee, her main rival.

She succeeds the Brazilian Roberto Azevedo, who left the WTO before the end of his term in August.

He has joined U.S. beverage giant Pepsico as an executive.

The leadership change comes as the WTO is in its deepest crisis since it was founded in 1995.

The WTO is no longer able to settle trade disputes between countries as the United States has blocked the appointment of appeals judges.

The Trump administration sought reforms of the WTO, without clearly spelling out its demands.

In addition, free trade talks have been stalled for years, and the WTO now also faces a global economic crisis

 

 

 

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