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Though Okonjo Iweala loses World Bank Presidency to U.S. candidate, her candidacy sets strong precendence for future emerging markets candidates

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The World Bank has officially backed U.S. candidate, Jim Yong Kim as the next World Bank President, the New York Times reports. Dr. Kim, 52 will take over from former World Bank President, Robert Zoellick.

Ngozi Okonjo Iweala

Okonjo Iweala

Many Africans were hoping that current Nigerian Finance Minister and former World Bank Managing Director, Dr. Ngozi Okonjo Iweala would clinch the top post. In what seemed to be her conceding defeat earlier today, she had reportedly commented today at the Nicon Luxury Hotel in Abuja, at the presentation of the 2012 budget, that the selection of a World Bank president was not based on merit. “This thing is not really being decided on merit, it is voting with political weights and shares and therefore the U.S. will get it,’’ she said.

However, she stated an important point highlighting that her candidacy sets a good precedence for future candidates from emerging markets.

`We have made the process (for electing the World Bank president) different, it will never ever be the same again. “We have shown that we can contest this thing and Africa can produce people capable of running the entire architecture (of the Bank),’’ she said.

What do you think of the selection of U.S. nominee Jim Yong Kim over Dr. Ngozi Okonjo Iweala as the World Bank President?

Also check out this cartoon on the World Bank’s decision to pick the Jim Yong Kim over Dr. Ngozi Okonjo Iweala.

Cartoon Link: Why the World Bank didn’t pick Ngozi Okonjo Iweala as the World Bank President

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  • Olise

    Alot of pple might not want to hear this, but its a fact that no one can change. Coming from a country wth so much natural endowments and yet in abject poverty, I think it absolutely illogical for any one to want to give any support to our dear finance minister who apparently has not bn able to tackle the pitiable economic situation of her own country but yet is gunning to become the president of the world bank.
    She should quite the folley by trying to ride on the wings of her experience as charity they say begins @home. If she can‘t tackle our own issues back home then she should resign.
    As far as I‘m concerned, that woman is too high up there to understand let alone relate wth our perculiar Nigerian situation.

    • larryKing

      well said !

  • Alamin

    This is the golden moment for Ngozi to appreciate nigeria, emmerging economies and africa in general, for the support she enjoyed prior to the selection of world bank president. There exist lessons to learn for mrs Ngozi; which include: 1. America can use and dump you. 2. Competence is not a criterior in international politics. 3. Africans are third citizens. 4. Nigeria is all that she has and no place like home. 5. What next: quick reversal of her traditional economic policies that are too ideal for a nation that lacks economic foundation. It is time for her to be local champion in her domain. Let her pay nigeria and africa through reversal of her euro – american policies to real economic reforms that will reduce tension and hardships to the average Nigerian. Ngozi, i pray for ur success not because i like you or you did anything good to my country but because you are the most competent among the contenders. Health and economic trends are two different issues and World bank is not WHO!

  • xtine

    welldone mama!! God will take you there

  • chris obioha

    in as much as i wished our own Mrs Ngozi to have became the world bank president, i also respect mr Obama’s wish of candidature because his decisions may affect his bid for 2nd tenure for US presidency.

  • chris obioha

    but i strongly believe that someday Mrs Ngozi will assume that position but not in the time of African-American US President.