Nigeria’s former Finance Minister and Supervisory Minister for Economy, Dr. Ngozi Okonjo-Iweala, on Monday resumed as the new Director General of the World Trade Organisation (WTO) at the organisation’s headquarters in Geneva, Switzerland.
Okonjo-Iweala thus becomes the first woman and first African to head the global trade body.
Hope that the Nigerian former minister would take over the Director General position were brightened early last month after several months of political maneuvering orchestrated by the ousted U.S President, Donald Trump, was rubbished as her only co-contender for the position, Yoo Myung-hee, withdrew from the race.
According to a statement released by the Korean Ministry of Trade on February 5, indicated that Myung-hee, who is also the country’s Minister of Trade, made the decision after discussions with the U.S. and other major nations and took various issues into account “comprehensively” including the need to revitalize the multilateral organization.
The WTO Director General’s selection process was stopped last year, despite Okonjo-Iweala’s high ratings and support by member-countries, because WTO decisions are made on the basis of a consensus of its members.