Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, says the country’s outing at the recently concluded World Bank meetings in Washington, DC was “rich, rewarding and successful.
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Dr. Okonjo-Iweala, who was fielding questions from the Nigerian media corps at the World Bank headquarters, however said that by far the most important buzz generated there was the realization that investment in women and girls development is the next stage of driving global economy.
“We have had an extremely successful meeting and people are really pleased. Very senior US officials now have pledged their support. We made presentations to them. We met with the World Bank president and the IMF Managing Director. We have been at the meeting of the Board of Governors of the World Bank and we have received support and pledges for what we are doing.
“However, one of the top issues discussed at the meeting of the World Bank is the new Gender Report. It is one big, exciting report because it shows that gender equality leads to greater development. And one of the facts emerging is that the lesser gender equality a nation has, the less likely the nation would develop.”
According to the Minister, “this is a big thing. Nobody has asked me anything about the report. It is an exciting thing for me because it puts to bed all questions about the role of women in growing and developing an economy. When you empower women, you are doing something great. Women are the next emerging market. That is the new tab. The next stage in the growing world is by empowering women and girls. And that is the buzz around the World Bank meetings.”
Dr. Iweala also explained that in terms of alternative finance, Nigeria has not only asked the World Bank and the African Development Bank and the International Finance Corporation, but has now asked for assistance to float the Diaspora bond. We had an excellent discussion on the matter with the World Bank and the US Treasury, the UK Treasury and others on this matter. We are going to tap our Diaspora citizens to make the bond work.”
She said that the Nigerian delegation had a very fruitful meeting with the Chinese delegation. “The Chinese are ready to work with us and talk with us on a tri-partite agreement: World Bank, Nigeria and China. Instead of them just wanting Nigerians to come and buy things wholesale in China, they should come and establish manufacturing plants in Nigeria. And they are willing to fund requisite needs in order to relocate to Nigeria.
“It has been very rich and successful.”