Director General of World Trade Organization Ngozi Okonjo-Iweala met with the Japanese Prime Minister Tuesday during her three-day trip to Japan. “Trade is facing very challenging times right now and it is quite difficult,” she said during the meeting in Tokyo.
The United States and China agreed to roll back most of the tariffs each nation had imposed on the other and declared a 90-day truce in their trade war. U.S. President Donald Trump’s administration said it would reduce the 145% duties it had imposed on imports from China to 30%, while China said it would cut its 125% tariffs on U.S. goods to 10%. Some of the U.S. tariffs — 24 percentage points — will be delayed for 90 days, while the rest of have been removed. “I also feel that there are many important opportunities in trade that we need to look forward to.
And we should try to use this crisis as an opportunity to solve the challenges we have and take advantage of the new trends in trade,” Okonjo-Iweala added. Okonjo-Iweala is also expected to meet Japan’s Foreign Minister, Finance Minister and Economy, Trade and Industry Minister.
Dr. Ngozi Okonjo-Iweala, GCON, Director General, World Trade Organization and Ms. Yvonne Ike, Managing Director & Head of Sub-Saharan Africa (Ex RSA), Bank of AmericaKanayo Adibe | Photographer
Washington, D.C. 5 May 2025-/African Media Agency (AMA)/- African Business Stories (ABS) convened the third edition of its Roundtable Series during the 2025 World Bank Spring Meetings, hosting a high-level dialogue titled “Leveraging Diaspora Investment for Africa’s Economic Growth.” The event featured WTO Director-General Dr. Ngozi Okonjo-Iweala and other leading African and global voices in development and finance.
Launched in September 2024 on the sidelines of the United Nations General Assembly (UNGA) in New York, the ABS Roundtable Series convenes influential stakeholders to address critical barriers to scaling African businesses — with a focus on closing Africa’s $42 billion financing gap for women-owned enterprises and fostering sustainable growth.
Held at the Washington, D.C. offices of Akin Gump Strauss Hauer & Feld LLP, the ABS Roundtable was made possible through the generous support of Akin LLP, Bank of America, and Moneda Invest Africa. Their partnership underscores a shared commitment to advancing Africa’s economic growth through innovative investment, strategic collaboration, and inclusive development. Bank of America’s partnership in this event reflects its ongoing commitment to sustainable growth and inclusive finance across Africa. The firm continues to support initiatives that unlock capital, scale entrepreneurship, and build resilient financial ecosystems.
Opening keynote speakers President Admassu Tadesse, Group President and Managing Director of Trade & Development Bank, and Mrs. Zainab Ahmed, Executive Director at the World Bank and former Nigerian Minister of Finance, set a powerful tone — challenging participants to move beyond traditional aid models and strengthen Africa’s investment readiness.
A dynamic panel discussion followed, featuring Joan Manda (UNDP Timbuktoo Initiative), Barbara Iyayi (Unicorn Growth Capital), and Chidi Blyden (Culturally Bound), moderated by Kenechi Eze (Moneda Invest). The conversation centered on building trust, creating credible financial vehicles, and transforming Africa’s 44 million SMEs into engines of scalable investment.
President Admassu Tadesse, Group President and Managing Director, Trade and Development Bank Group , Ms. Florie Liser, President & CEO Corporate Council on Africa, Ms. Zainab Ahmed, Executive Director for Nigeria, Angola & South Africa, World Bank Group, Dr. Ngozi Okonjo-Iweala, GCON, Director General, World Trade Organization, Ms. Akaego Okoye, Founder African Business Stories/Convener ABS Roundtable Series and Ms. Yvonne Ike, Managing Director & Head of Sub-Saharan Africa (Ex RSA), Bank of America.Kanayo Adibe | Photographer
The event culminated in an inspiring fireside chat with Dr. Okonjo-Iweala, moderated by Ms. Yvonne Ike, Managing Director at Bank of America and Head of Sub-Saharan Africa (ex-RSA). Addressing a room of investors, policymakers, and entrepreneurs, Dr. Okonjo-Iweala called for a decisive shift away from reliance on foreign aid, urging African countries to mobilize domestic resources, attract private sector investment, and build institutional trust. She emphasized the pivotal moment Africa faces in the global economy:
“Africa’s opportunity lies not in aid — but in adding value, building trust, and using our resources wisely,” said Dr. Okonjo-Iweala.
She stressed that Africa’s critical minerals must be leveraged strategically to drive industrialization rather than perpetuate dependence on raw exports:
“Our critical minerals are in demand — but instead of giving them away raw, we must negotiate smartly, add value locally, create jobs, and become a true hub of global manufacturing and innovation.”
Dr. Okonjo-Iweala also addressed the impacts of global economic shifts — from trade disruptions to shrinking aid budgets — and stressed the urgency of regional collaboration, transparent governance, and strategic investment facilitation to attract both diaspora and global capital.
Closing the session, Dr. Okonjo-Iweala encouraged African entrepreneurs, leaders, and the diaspora to recognize their individual agency:
“Even solving one problem or building one enterprise can have ripple effects across the continent. Everyone has a role to play in building Africa’s future.”
“Events like this roundtable are vital platforms to foster collaboration, deepen trust, and unlock the entrepreneurial potential that exists both within Africa and among its global diaspora,” said Yvonne Ike, Managing Director and Head of Sub-Saharan Africa (ex-RSA) at Bank of America. “It was an honor to join this important dialogue and help shape conversations that will drive long-term impact.”
Participants committed to deepening collaboration with the African diaspora, creating credible financial structures, and expanding access to capital for the continent’s 44 million SMEs—key pillars for long-term growth.
Akaego Okoye, Founder of African Business Stories and Convener of the ABS Roundtable Series, added:
“Diaspora investment is not just about capital; it’s about building ecosystems and reshaping Africa’s economic narrative. We are proud to create a platform where action-oriented conversations drive real change.”
African Business Stories (ABS) is a platform dedicated to unlocking investment for women-led businesses in Africa by telling their stories and connecting them to investors, resources, and key decision-makers. Through storytelling, strategic convenings, and ecosystem-building initiatives, ABS creates high-impact pathways that accelerate the growth and visibility of female entrepreneurs across the continent.
Ms Okonjo-Iweala, 66, was Nigeria’s first female finance and foreign minister
NEW YORK-(MaraviPost)-The appointment of Nigeria’s ex-finance minister to lead the World Trade Organization (WTO) has been thrown into doubt after the US opposed the move.
On Wednesday, a WTO nominations committee recommended the group’s 164 members appoint Ngozi Okonjo-Iweala.
According to BBC, Okonjo-Iweala would be the first woman and first African to lead the WTO.
But the US, critical of the WTO’s handling of global trade, wants another woman, South Korea’s Yoo Myung-hee, saying she could reform the body.
Ms Okonjo-Iweala said she was “immensely humbled” to be nominated.
But the four-month selection process to find the next WTO director-general hit a road block when Washington said it would continue to back South Korea’s trade minister.
In a statement critical of the WTO, the Office of the US Trade Representative, which advises President Donald Trump on trade policy, said the organisation “must be led by someone with real, hands-on experience in the field”.
Ms Yoo had “distinguished herself” as a trade expert and “has all the skills necessary to be an effective leader of the organisation”, the statement said.
It added: “This is a very difficult time for the WTO and international trade. There have been no multilateral tariff negotiations in 25 years, the dispute settlement system has gotten out of control, and too few members fulfill basic transparency obligations. The WTO is badly in need of major reform.”
The statement did not mention Ms Okonjo-Iweala.
Earlier on Wednesday, after a WTO delegates meeting to discuss the appointment, spokesman Keith Rockwell said just one member country did not support Ms Okonjo-Iweala.
“All of the delegations that expressed their views today expressed very strong support for the process… for the outcome. Except for one,” he said.
‘Frenzied activity’
Mr Trump has described the WTO as “horrible” and biased towards China, and some appointments to key roles in the organisation have already been blocked.
The WTO has called a meeting for 9 November – after the US presidential election – to discuss the issue.
US opposition does not mean the Nigerian cannot be appointed, but Washington could nevertheless wield considerable influence over the final decision.
Mr Rockwell told reporters there was likely to be “frenzied activity” to secure a consensus for Ms Okonjo-Iweala’s appointment. She has the support of the European Union.
The leadership void was created after outgoing WTO chief Roberto Azevedo stepped down a year early in August. The WTO is currently being steered by four deputies.
Ms Okonjo-Iweala, 66, served as her country’s first female finance and foreign minister and has a 25-year career behind her as a development economist at the World Bank..
She also serves on Twitter’s board of directors, as chair of the GAVI vaccine alliance and as a special envoy for the World Health Organisation’s Covid-19 fight.
If Ms Okonjo-Iweala is eventually appointed she will have a full in-tray. The WTO is already grappling with stalled trade talks and tensions between the US and China.
Earlier this month she said that her broad experience in championing reform made her the right person to help put the WTO back on track. “I am a reform candidate and I think the WTO needs the reform credentials and skills now.
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