World Bank Managing Director, Dr. Ngozi Okonjo Iweala recently quit her job at the Bank to join President Goodluck Jonathan of Nigeria’s cabinet as Finance Minister yesterday.
Dr. Iweala will serve as Coordinating Minister for the Economy and Minister of Finance of the Federal Republic of Nigeria, World Bank President, Robert Zoellick said in a statement.
“Her desire to serve her country is truly a big loss for the World Bank but a major gain for Nigeria as it works to craft its economic way forward,” he said.
“We think President Goodluck Jonathan’s selection of the World Bank MD will result in a vote of confidence for his administration, and suggests he is serious about initiating fiscal reforms,” investment banking and private equity firm, Renaissance Capital said in a research note.
Former Goldman Sachs executive, Mr. Olusegun Aganga is expected to oversee the country’s recently created Sovereign Wealth Fund going forward.