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Opinion – Will the woman of the people be allowed to lead the World Bank?

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If Ngozi Okonjo Iweala, Nigeria’s Minister For Finance And Coordinating Minister of the Economy wins the position of World Bank President in June, she would be making history. An Okonjo Iweala World bank presidency would mean she is the first Non-American to hold that role. It would also mean that she is the first woman and the first individual of African descent to head the revered institution.

From an academic standpoint, the two-time Minister for finance is the best candidate for the job. Educated at Harvard University with honors in 1977. She also has a Ph.D. in regional economic development from the Massachusetts Institute of Technology (MIT) in 1981. This followed an illustrious career in the World Bank. She served as vice-president and corporate secretary of the World Bank Group before resigning in 2003 for her first stint as Nigeria’s minister of finance. She returned to the World’s apex banking body in the capacity of managing Director, a position she left to return as Finance minister and Coordinating Minister for the Economy in 2011. With the calls for her instatement as President of the body, she appears poised to leave her position to resume as World Bank president.

Her rivals appear to be Korean-American Doctor Jim Yong Kim who is US President Barack Obama’s choice and Jose Ocampo who is the erstwhile Finance Minister of Colombia AND Brazil’s choice. However, if economists and experts the world over have a say in the matter, Ms Okonjo Iweala is the best man for the job. Her credentials as two-time minister set her apart from Ocampo who is her closest rival in terms of experience. This is also her second time to be considered for the position; the first in 2007 upon the exit of former World bank President, Paul Wolfowitz.

Her record as a brilliant and transparent economist has won her the support of the African union and members of the financial press. The economist states, “She has sobered up its[Nigeria’s] public finances and injected a measure of transparency. She led the Paris Club negotiations to reschedule her country’s debt and earned rave reviews as managing director of the World Bank in 2007-11. Hers is the CV of a formidable public economist.” Other major publications like the Financial Times laud her ‘charismatic personality’ and reforming drive.

With her vision for the World Bank, she appears to be echoing a lot of European sentiments “I will work to create an institution that can work fast to support countries in times of volatility and uncertainty such as many global economies are currently facing.”

A statement that sounds more encouraging to European and African leaders than Yong Kim’s focus on science. He stated, “I will come with an open mind and apply my medical and social-science training to take an evidence-based approach.
With the solid African Union endorsement and the likely support of most European nations in tow. it appears that the time has come for America to come to terms with the idea of a female and African World Bank president.

However only time will tell if the US is ready to relinquish its stranglehold on the World Bank, a position that arose from a post-world war informal agreement that positioned a European to run the IMF while the US headed the World Bank.

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  • http://Http//www.thephenom.com The-Phenom Barnabas

    After piloting Nigeria to a tearter of dooms, iweala… You want go to world bank so that you could get a platform to gear world into an untimely amagedon. If Africa ve no better person to hold that position, then we ve to do the right thing. Lets shawn discrimition. Since the Americans ve been governing the world bank, there have no be a problem. Iweala is now two times Nig finance minister & held other vita position in the bank in question yet the economy of Nigeria is still walloping & galloping in a huge backlash. I dear to say that iweala is nothing but just a bully. She is incompitent in presidenting the world bank. I rest my case.

    • uche

      This woman is very ambitious and greedy! How many months has she served in Nigeria for? Madam let me tell you something – A ROLLING STONE GATHERS NO MOSS! You have not even finished your assignment in Nigeria and you want to run for another one. By the way, you are running Nigeria to the ground! You are not even performing in your current job

      • Seyyi

        yes she is very ambitious because she knows what she want. She is confident and qualified. Deal with it! She is a genius!

    • Seyyi

      I better you rest your case because you don’t really grasp the issue at stake. U seem lost. Dr. Iweala’s return to Nigeria has been for the better. Her policies have strengthen our institution.

  • tiara

    fuck all of u nosy and saying stupid stuff here in this page concerning this ambitious woman, there must be a change okay, america and europe , has been ruling, heading all this financial positions in the world, I M F is europe while world bank has been americans, now things need to change, they have been used all this positions just for there selves, imagine how much america is owning, and the I M F too have been using that influence to save most of the europe countries not to be worst than somalia in AFRICA, the AMERICA AND EUROPE they have never be transparent in these positions for years because no one is going to question them, they always say , they send aid to Africa or developing countries, those people don’t need your fucking aid, they need the money to invest on there own land and work and take care of there life, u people complain of immigrants all day, even some america politicians are debating on how they can used land mines on boards to kill immigrants trying to enter the country, the europeans are complaining of immigrants, do u people believe any one want to be harassed or call illegal immigrant if he/ she has work living a good life back in his/her country of origin, now to the UNITED NATION, this is another body influence by the western world america and europe, they said the UN is independent body hummm, (lie) imagine imagine all the stealing and trying to keep the developing countries in poverty they are still facing economic crisis, recession, you people are the devil of the world.

  • bunmi

    it is lovely seeing African in position of this nation, may God lead her aright to build and improve Africa economy espectially Nigeria. i wish her best.

  • steven ojile

    For God’s sake, must we wash our dirty linen in public? This woman has the backing of most african countries and a lot of people have spoken well of her. Will it not be a thing of pride to have our own there at the top? How many of us working for an organisation will not want to aspire to lead the organisation? Pls let’s support her. She has all it takes to excel on the job.