Ngozi Okonjo-Iweala Sworn in as Minister

Former World Bank managing director Ngozi Okonjo-Iweala was sworn in as Nigeria's finance minister and chief coordinator of economic affairs by President Goodluck Jonathan on Wednesday, a month after the rest of his cabinet was announced.

Okonjo-Iweala, who has held the finance portfolio before, flew to Nigeria to be screened by the Senate for a position in Jonathan's cabinet last month, but then returned to Washington to finish her work with the World Bank.

"People wonder why we want you back having served in the same capacity before, we want you back to play a key role in coordinating economic issues in the country," Jonathan said, shortly after the swearing-in ceremony.

Okonjo-Iweala will take a broader version of the role she held between 2003 and 2006, when she successfully secured debt relief. Jonathan plans to head a new economic team, which will be inaugurated on Thursday.

"This time we are expanding the economic team and Ngozi is brought in to coordinate the federal government economic issues and that of the states," Jonathan said.
Africa's most populous nation faces a long list of hurdles, not least opaque government spending, rampant corruption, import dependence, and the need to tame double-digit inflation while creating jobs and building infrastructure.

Okonjo-Iweala said last week Nigeria needed to make fundamental changes to diversify its economy, to reduce its over-reliance on crude oil exports.

During her previous tenure she stepped on some toes and investors are watching closely to see how she operates alongside an existing set of reformers, including the influential central bank Governor Lamido Sanusi.

"People believe that you have the magic wand to change things for the better, so make sure that the transformation agenda moves," Jonathan said.-Reuters

Jonathan was sworn in for his first full term on May 29 and named the majority of his cabinet more than a month later. Okonjo-Iweala is the most high-profile member of his team and her appointment was met with optimism by investors. (Reporting by Felix Onuah; Writing by Joe Brock; Editing by Susan Fenton).