Whether we admit it or not, historical data affirms that Ngozi Okonjo-Iweala remains Nigeria’s best Minister of Finance by a mile. Her strategic initiatives and reforms did not only stabilized the economy but also set a high standard for fiscal management and transparency. Her legacy could have been sustained to serve as a benchmark for effective economic governance but the vultures have eroded it.
NOI’s tenure as the Minister of Finance had a profound impact on the Nigeria’s economic outlook. She set a standard that no other minister have been able to match. She left a legacy that cannot be denied no matter how much they tried.
Okonjo-Iweala successfully placed Nigerian bonds on the JP Morgan and Barclays bond indices, making Nigeria the only sub-Saharan African nation apart from South Africa to achieve such feat. The move attracted billions of dollars in foreign investment, significantly boosting Nigeria’s financial credibility and liquidity.
Another notable achievements was negotiating a $18 billion debt forgiveness with the Paris Club in 2005. The deal reduced Nigeria’s external debt by 60%, providing the much needed fiscal space for economic development. She also secured Nigeria’s first-ever sovereign credit ratings from Fitch and Standard & Poor’s, which were crucial for attracting foreign investment.
It was NOI that introduced the Integrated Payroll and Personnel Information System (IPPIS) to eliminate ghost workers and reduce payroll fraud.
It was also NOI that established the Sovereign Wealth Fund (SWF) to manage excess oil revenues, ensuring savings for future generations.
She also began publishing monthly disbursements to federating units, promoting transparency and accountability in government finances. So, we could well measure the impacts of government policy on SMEs and jobs creation drive.
It was under Okonjo-Iweala that the Subsidy Reinvestment and Empowerment Program (SURE-P) and the Youth Enterprise with Innovation in Nigeria (YOUWIN) were launched following the partial removal of fuel subsidies in 2012. These programs aimed to mitigate the impact of subsidy removal by creating jobs and supporting small and medium-sized enterprises (SMEs).
Comparing Okonjo-Iweala’s to the ones weve had since her departure is a heresy. For instance, while Okonjo-Iweala’s policies focused on long-term economic stability and transparency, these ones have been prioritizing short-term gains and personal enrichment. With no articulate plans, no economic stability and transparency. Issues such as corruption, mismanagement of funds, and lack of continuity in policy implementation have hindered progress.
There’s just no way to compare Ngozi Okonjo-Iweala with her successors at all. She remains the best by a million miles.
