Nigeria’s finance minister guns for World Bank presidency

March 23, 2012 | Africa, Government & Regulations, People on the move

Nigeria_finance_minister_Dr_Ngozi_Okonji-Iweala

Nigeria’s finance minister on Friday joined the race for the top World Bank job, backed by Africa’s leading economies in a push for greater influence at global financial bodies dominated by rich nations.

Ngozi Okonjo-Iweala, flanked by counterparts from South Africa and Angola, unveiled her candidacy at a press conference in Pretoria, putting the weight of Africa’s biggest economy and its two biggest oil producers behind her bid.

“I consider the World Bank a very important institution for the world and particularly for developing countries deserving of the best leadership,” she said.

“So I look forward to a contest of very strong candidates, and am I confident? Absolutely.”

The African powerhouses unveiled their bid hours before the deadline for nominations to succeed current president Robert Zoellick, who is stepping down at the end of his term on June 30.

The surprise announcement came just two days after her spokesperson denied that she was angling for the job, which has been held by an American since it was founded nearly 70 years ago.

Former Colombian finance minister and central bank chief, Jose Antonio Ocampo, announced his candidacy on Wednesday. Washington has yet to announce its own candidate.

Okonjo-Iweala is a respected former World Bank managing director who joined Nigeria’s government as finance minister in August.

“I have long experience in the World Bank, in government and in diplomacy and I look forward to giving you my vision at the appropriate time,” she said.