“I have today informed the nomination committee in the Oslo Progress Party that I do not wish to be re-elected to parliament,” she said at a press conference at the Storting parliament.
“As such, I have also notified the party’s election committee that this, naturally, means the party must select a new leader at its national conference in May,” she continued.
Norway is scheduled to hold general elections later this year.
“It has not been easy to take this choice. But I am completely convinced that it is the right choice for both the party and me,” she said.
Jensen has already given her blessing to Sylvi Listhaug, the hardline former immigration and integration, and later justice minister, as her successor. Listhaug is the current deputy leader of the right-wing party.
The outgoing leader also backed Ketil Solvik-Olsen, a former second deputy leader, as the next deputy leader.
“They are to outstanding politicians who dare to be innovative, clear, take on debates and challenge the existing truths,” Jensen said.
The former minister has been a member of parliament since 1997 and took over as Progress Party leader from Carl I. Hagen in 2006.
She was finance minister from 2013 until January 2020, when the Progress Party withdrew from the governing coalition.
Jensen said her party’s recent sluggish poll ratings were not rated to her decision to step back from politics.
“I have, in all my time as party leader, said that it is a job and lifestyle which demands 120 percent, 24 hours a day all year round,” she also said.