BY ALAN GREEN

With the abrupt withdrawal of South Korean Trade Minister Yoo Myung-hee from the race to become the next director-general of the World Trade Organization, WTO, the way is cleared for Nigeria’s Ngozi Okonjo-Iweala to rise to the position.

If elected, Okonjo-Iweala will be the first woman and the first African to run the organization at a time the world faces the upscale challenge of rebuilding the economies from the devastation of the COVID-19 pandemic. Weakened by several crises, the WTO has seen its role diminished in the international trading system.

Okonjo-Iweala’s candidacy was opposed by the Trump administration, which prefers that of the South Korean. According to a statement from Korea’s trade ministry yesterday, Yoo Myung-hee spoke with world leaders—obviously including the Biden administration—before announcing her decision. It appears her withdrawal comes as the result of lack of “consensus” between her and the world’s economic superpowers.

Traditionally, WTO picks its director-general on the basis of the consensus of its members. So, when the United States in 2020 blocked Okonjo-Iweala’s candidacy which other members supported, the selection process came to a standstill. It’s unclear at this point where the Biden administration stands, but several former U.S. government officials have advised Biden to endorse Okonjo-Iweala.

With its candidate out of the race, the South Korean government has no reason to now oppose the Nigerian’s candidacy. The way, therefore, appears cleared for Africa to have its first WTO director-general, and to put a woman in this high position.

Okonjo-Iweala is credited with a dazzling career that included 25 yeas at the World Banks where she rose to the position of managing director. Politicians and economists alike praise her skills as a negotiator, citing, among other things, her ability to secure a multi-billion dollar debt relief package for Nigeria, at a time the nation needed it badly. On a broader scale, she led multiple World Bank initiatives geared toward assisting low-income countries during the memorable food crisis of 2008 and 2009, and the financial crisis that ensued. Bringing home her international talents, she served her country for two terms as finance minister under two different presidents, Olusegun Obasanjo and Goodluck Jonathan.