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Reforming the Unreformable: Lessons from Nigeria

Author

Listed:
  • Okonjo-Iweala, Ngozi

    (Ministry of Finance, Nigeria)

Abstract

Corrupt, mismanaged, and seemingly hopeless: that’s how the international community viewed Nigeria in the early 2000s. Then Nigeria implemented a sweeping set of economic and political changes and began to reform the unreformable. This book tells the story of how a dedicated and politically committed team of reformers set out to fix a series of broken institutions, and in the process repositioned Nigeria’s economy in ways that helped create a more diversified springboard for steadier long-term growth. The author, Harvard- and MIT-trained economist Ngozi Okonjo-Iweala, currently Nigeria’s Coordinating Minister for the Economy and Minister of Finance and formerly Managing Director of the World Bank, was a crucial player in her country’s economic reforms. In Nigeria’s Debt Management Office and later as minister of finance, she spearheaded negotiations with the Paris Club of Creditors that led to the cancellation of sixty percent of Nigeria’s external debt. Reforming the Unreformable offers an insider’s view of those debt negotiations; it also details the fight against corruption and the struggle to implement a series of macroeconomic and structural reforms. Nigeria’s efforts can be viewed as a laboratory for other countries--not just resource-rich developing countries like Nigeria, but any country interested in reining in debt, managing volatility, saving for the future, or building credibility with debtors and investors. This story of development economics in action, written from the front lines of economic reform in Africa, offers a unique perspective on the complex and uncertain global economic environment.

Suggested Citation

  • Okonjo-Iweala, Ngozi, 2012. "Reforming the Unreformable: Lessons from Nigeria," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262018144, January.
  • Handle: RePEc:mtp:titles:0262018144
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    Citations

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    Cited by:

    1. Osuagwu, Eze, 2014. "Determinants of Bank Profitability in Nigeria," MPRA Paper 60948, University Library of Munich, Germany.
    2. Sylvanus I. Ebohon, 2015. "The reform-underdevelopmentalism nexus in a dependent state: a case study of the Nigerian banking sector reforms," Review of African Political Economy, Taylor & Francis Journals, vol. 42(144), pages 262-278, June.
    3. PEREIRA, Orlando Petiz, 2015. "Vet: A Strategic Approach For Economic, Organisational And Personal Development In Eu Countries," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 24(2), pages 111-124.
    4. repec:eee:riibaf:v:41:y:2017:i:c:p:412-422 is not listed on IDEAS

    More about this item

    Keywords

    trade; development; history of economics; economic development; Africa; Nigeria; political science;

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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