WTO: Uduaghan Recounts Okonjo Iweala’s Financial Midas Touch, Political Sagacity In Nigeria

Immediate past governor of Delta state, Dr Emmanuel Uduaghan, has eulogized the newly appointed Director General of World Trade Organisation (WTO), Dr (Mrs) Ngozi Okonjo Iweala, recounting her financial Midas touch and political sagacity in the Nigeria’s economy as one time finance minister.

Uduaghan, also paid growing tribute to Okonjo Iweala on how she was able to scaled through with her push for the formation of the Sovereign Wealth Fund for Nigeria despite the high-stakes moves to thwart her efforts.

BIGPENNGR.COM reports that the Uduaghan gave the narration in a congratulatory message he personally signed on Wednesday on Okonjo Iweala’s emergence as DG of World Trade Organisation.

Uduaghan noted that Sovereign Wealth Fund in which Nigeria often tap into today, was possible following the fervent push by Okonjo Iweala whom he said also used diplomatic methods after being advised by himself and former governor Peter Obi to engaged some of the governors who opposed SWF to see reasons with her.

A sovereign wealth fund is a state-owned investment fund comprised of money generated by the government, often derived from a country’s surplus reserves. SWFs provide a benefit for a country’s economy and its citizens.

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The funding for a SWF can come from a variety of sources. Popular sources are surplus reserves from state-owned natural resource revenues, trade surpluses, bank reserves that may accumulate from budgeting excesses, foreign currency operations, money from privatizations, and governmental transfer payments.

According to Uduaghan, while pushing for the creation of the SWF as Federal Minister of Finance, Dr (Mrs) Ngozi Okonjo Iweala, (alias NOI), had several running battles with Governors.

While the Governors felt she was, as a typical Finance person, holding on too tightly to money, ( Excess Crude Funds), she felt the Governors were unbelievers in savings. Her push for the formation of the Sovereign Wealth Fund therefore met brick-wall with the Governors, Uduaghan recalls.

Continuing, he said; “At a point we had to invite her to the Governors Forum meeting to deal with the deadlock. Former Governor Peter Obi and I ( her “paddies” in the Forum) had to advise her separately on how to get her way through. The game plan worked and Nigeria eventually started the Sovereign Wealth Fund”.

Uduaghan, also applauded Okonjo Iweala over how she handled some other high-profiled financial matters of national interest including the anti-illegal bunkering committee of which he was the chairman as serving governor.

“As a member of the Anti-Illegal Bunkering Committee of the Federal Government which I headed, NOI, supported me fully because reduction of oil theft obviously meant more money to the national purse”.

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He said that the newly appointed WTO DG displayed her intelligence, firmness and political sagacity in so many areas of her national assignment, saying that Deltans and Nigerians at large are not surprise of her emergence as first woman and African to emerge Director-General of the World Trade Organization (WTO).

The statement further reads; “Man is a very political animal. We are involved in politics almost in all aspects of life. A lot of politics goes into our decision making process even at the highest political offices. All through my days as a political office holder, I had cause to meet Dr. (Mrs.) Ngozi Okonjo Iweala, alias NOI. She held top positions at the Federal level representing Abia State ( her husband’s home state), but she never forgot about Delta State – her state.

“We had reasons to interact on several occasions – ranging from issues of Finance, infrastructure development, security (kidnapping) and family issues (children marriages). In all of these, she displayed her intelligence, firmness and political sagacity.

“The news of her confirmation as first woman and African to emerge Director-General of the World Trade Organization (WTO) therefore has not come to us as a surprise and resonates more with us -Deltans.

He said that her emergence was the best news for the people of Ogwashi-Uku, Delta State, Nigeria and indeed all of Africa in 2021 amidst the global pandemic.

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“We love the fact that she was the best by merit; not by zoning or mere sympathy to the female gender. There is no bigger inspiration than this for women especially in developing countries like ours.

While expressing optimism that she would succeed with her new role, Uduaghan, a medical doctor by profession said; “Just like you did in Nigeria, World Bank and anywhere your financial Midas touch was imprinted, you’re the best person to bring the much needed reform to the WTO.

“We are so proud of you and wish you all the very best in the discharge of your duties in your new role”, the former governor wrote.