NO REGRETS: Lessons in Reform by Martin Udogie

I would have titled the book, NO REGRETS: Lessons in Reform. You’ll see why later.



I have just finished reading REFORMING THE UNREFORMABLE by Dr. Ngozi Okonjo-Iweala. A simple and straightforward book, it took me three days to read.



But for her timely “elevator pitch” to President Bush in the White House, Nigeria’s successful debt forgiveness campaign could have taken a different twist and turn, and not necessarily for the better.



What is an elevator pitch? Business Plan experts and private equity gurus always advise potential venture capital fund seekers to have an elevator pitch for their business start-ups. This is the very brief but persuasive story you will have to make should you per chance, run into a Bill Gates (or an Aliko Dangote) in an elevator ride to get him interested in your business idea, knowing that all you have will be seconds….



How did this play out in the White House visit? Now, we all know that President Bush is famous for clowning about. So one has to be sharp and alert, else, you might find yourself playing along with him.



It was May 5, 2005, and Dr. Okonjo-Iweala, as Finance Minister, accompanied President Obasanjo on an official visit to the White House. A key mission was to solicit President’s Bush’s support for Nigeria’s debt relief. Let’s quote from the book:



“President Obasanjo explained our desire for debt relief and presented the tremendous change Nigeria was undergoing in implementing difficult economic reforms. President Bush responded that Nigeria was an oil-rich country and that oil prices were high. Nigeria should be lending money to the United States, not asking for debt relief, he joked. It seemed that our request was about to be brushed aside. I was terrified that we were about to miss a unique opportunity. I broke protocol by jumping in and asking my president’s permission to explain this issue further for President Bush. He gave his permission, and I knew I had only a few seconds to make our case.”



And she did. What she said in those few seconds swayed President Bush. Again in her words: “These two points seemed to catch President Bush’s attention and interest, and he said we should send him a letter outlining the points I had just made.”



What were these two brief but profound points? Well, you have to read the book, or at the very least, buy the book. The “pitch” is on page 111.



The book has a lot of interesting and anecdotal facts and figures. But it is also spiced with enough drama to keep it engaging. Here are a few:



She once almost received a dirty slap from another female minister at a Cabinet meeting. And she did infact resign as Minister of Finance, after having just been sworn into office in July 2003. Why? Well, buy the book. It’s on pages 9 –11.



And yes, she loved the nick name, “Okonjo wahala”



I would have titled the book, “NO REGRETS: Lessons in Reform.”



There’s nothing wrong with Reforming the Unreformable as a title. But reminiscing in the concluding pages of the book, Dr. Okonjo-Iweala says:



“I won and lost friends along the way, and created trust, but also suffered betrayal. In the final analysis, I learned a lot about my country, and I have absolutely no regrets.”

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Martin Udogie is the founder & publisher BottomLINE Newsletter. He can be contacted through his primary email is udogie@yahoo.com