Dr. Ngozi Okonjo-Iweala, the Nigerian-born Director General of the World Trade Organization (WTO), has been criticized for her role in promoting policies that have had negative impacts on Nigeria's economy. According to Owei Lakemfa, a vocal critic, Okonjo-Iweala's policies as Finance Minister under former President Olusegun Obasanjo's administration led to the country's economic woes.
Controversies Surrounding Okonjo-Iweala's Policies
- *Fuel Subsidy Scam*: Okonjo-Iweala was accused of perpetuating a fuel subsidy scam, where the government paid subsidy for 59 million liters of petrol daily, while the actual consumption was between 35-40 million liters. This resulted in a daily difference of 19-24 million liters, amounting to billions of naira ¹.
- *Privatization of Public Properties*: Okonjo-Iweala drove the privatization process of public properties, including the profit-making Nicon-Noga Hotel, without transparent accounting for the funds realized from these sales.
- *Debt Repayment Project*: The 2005 debt repayment project to the Paris Club, which involved paying $12 billion upfront, has been criticized for its lack of transparency and questionable benefits to the country ¹ ².
Criticisms of Okonjo-Iweala's Leadership
- *Implementation of IMF and World Bank Policies*: Okonjo-Iweala has been accused of being a stooge for the International Monetary Fund (IMF) and the World Bank, implementing policies that benefit these institutions at the expense of Nigeria's economic interests.
- *Lack of Transparency*: Critics argue that Okonjo-Iweala's policies have lacked transparency, with questionable accounting practices and unexplained payments to consultants and advisors ¹.
Conclusion
Okonjo-Iweala's policies have been criticized for their negative impact on Nigeria's economy, with many questioning her leadership and motives. As the Director General of the WTO, her policies and actions continue to be scrutinized by critics and stakeholders.
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