Ngozi Okonjo-Iweala

Nigeria's Finance Minister Ngozi Okonjo-Iweala is representative of a new type of African leader.A reformer and technocrat commenting on Nigeria's Oil based economy she stated "...The fact also that you have a natural resource-based economy that is highly dependent on one commodity - oil. I think that is not the best thing that has happened to us as a country because it is difficult to apply the resources that come from this natural resource in a way that takes into account this complexity or groups, religion and so on. And I don't think that the country can really move forward until a good formula is worked out to be able to apply the country's human and natural resources in the best way possible that can be accepted by everybody as being fair...any development in the country has to take into account the need to diversify from oil. I don't think the country can really move forward unless we are able to find a way to develop other sources of income or find other sources of growth for the economy apart from oil...Thus there are two issues - one, applying the resources that we have appropriately and secondly finding means to diversify the economy, which is very vital. And part of managing the resources that we have appropriately is also trying to deal with the enormous burden of debt which the country has, that amounts to $28 billion..."In a paper presented at the The Global Economic Governance Programme she listed the continuing challenges facing Nigeria they include Sustainability,Vested interests,Quick results and Globalization.