Arunma Oteh is a distinguished global financial leader with a career spanning four decades, including being the 12th Treasurer of the World Bank. In this role she was responsible for assets under management of $200 billion for the World Bank Group and 65 central banks. She was also responsible for maintaining the World Bank’s triple A rating, a $50 billion multi-currency annual funding programme, and leading a global team of 600 professionals. Currently an Academic at the University of Oxford, she holds a First-Class Honors BSc in Computer Science and an MBA from Harvard Business School. Oteh’s new book, All Hands on Deck – Unleash Prosperity Through World Class Capital Markets, is being published on the 14th January 2025.
In this candid conversation, Oteh reveals the personal and professional journey that shaped her remarkable career, offering an intimate look into her perspectives on economics, leadership, and the transformative power of excellence.
- What inspired you to become an economist?
My journey into the world of economics started at our family dining table. After dinner, my father would have me read the annual reports of listed companies, where he and my mother, both civil servants with modest incomes, had carefully invested. These reports, filled with discussions about macroeconomic and microeconomic contexts, introduced me to economic concepts at an early age.
As a student, I was determined to become an inventor and enthusiastically pursued Computer Science. However, economics has a way of weaving itself into life, even when you’re focused on other paths. My first job at Centre Point Investment Limited gave me practical exposure to the financial world, while my MBA at Harvard Business School laid a strong foundation for my career in economics and finance.
Over time, I’ve realized that economics is part of everyone’s life. From the choices we make to the environments we navigate; our daily lives are shaped by economic decisions and the larger financial systems around us.
- You spent 17 years at the African Development Bank. What kept you there?
Interestingly, I had initially planned to stay for just two years. However, several factors inspired me to extend my tenure. First and foremost, the mission of multilateral development banks—to support countries through both knowledge and financial assistance—was deeply compelling.
Second, the diversity of work was remarkable. Over the course of 17 years, I had the privilege of working in three distinct areas: Operations as a financial analyst, Finance in various capacities, including treasurer, and eventually as Group Vice President of Corporate Services.
The institution also provided a unique opportunity to engage with countries across Africa and beyond, collaborating with extraordinary professionals while gaining insights into complex project cycles and financial systems.
- As the first African Treasurer of the World Bank, what was your most significant achievement?
The role of the World Bank Treasurer is undoubtedly one of the most distinguished financial positions in the world. Overseeing $7 trillion of annual cashflows was both a significant responsibility and an extraordinary opportunity.
One of our most meaningful accomplishments was the development of the first pandemic bond in response to the Ebola crisis. This was more than just a financial instrument—it was a strategic tool aimed at accelerating international response efforts and safeguarding critical developmental progress in the regions most affected.
We also broke new ground by introducing the first blockchain bond and designing financial transactions aligned with the Sustainable Development Goals. These initiatives went beyond technical innovation; they marked a shift in how financial institutions could harness technology and creativity to address global challenges.
While these achievements are often celebrated as important milestones, they are the result of collective effort. For me, the focus was on creating systemic solutions that could drive real change and tangible differences in communities around the world.
- How do you view the role of economics in addressing global challenges?
Economics serves as a powerful lens for understanding and addressing complex societal challenges. While it may not offer perfect solutions to issues like climate change, technological disruption, or inequality, it provides a critical framework for analyzing and navigating these problems.
Today, we are witnessing a significant shift in economic thinking. The traditional focus on shareholder returns as the sole measure of success is evolving into a broader, multi-stakeholder perspective. This new approach considers the well-being of employees, customers, communities, and the planet integral to long-term success.
This transformation is being driven by young professionals and investors demanding more than just financial returns—they seek purpose and meaningful impact. The growing prominence of environmental, social, and governance (ESG) investing reflects this change. In 2020 alone, ESG investments tripled compared to the previous year, underscoring the growing appetite for sustainable and ethical approaches to economic growth.
- What advice would you give to young professionals?
Pursue excellence with a deep commitment. The most potent antidote to bias and limitation is a relentless dedication to mastering your craft. Cultivate curiosity, embrace lifelong learning, and seize opportunities—even when they feel outside your comfort zone.
Mentorship and a long-term focus on legacy are essential pillars of meaningful professional success. This belief has shaped my focus on developing future leaders through my work at the University of Oxford, serving on boards like King’s Trust International, and supporting initiatives that amplify diverse voices.
Above all, remember that your journey is not solely about personal success. It is about paving the way for others and contributing to a more equitable, innovative, and inclusive global ecosystem.
