OKONJO-IWEALA’S BID FOR WORLD BANK PRESIDENT: A VICTORY IN DEFEAT

Many people in the world, especially Africans and particularly Nigerians were disappointed with the outcome of Monday’s 16^th April World Bank Presidential election. There was high level of optimism that the new selection process for the bank’s President recently adopted by the Bank’s Board of Directors that considers member countries’ nationals other than Americans for the number one post, would break the 70 year old monopoly of the Presidency by the US. The new policy has indeed raised the hopes of many growing economies that have been clamoring for more power and influence in the world’s Apex Financial institution.

However, the emergence of a Korean-born American Jim Yong Kim as the new President of the World Bank with the support of America and its allies has raised many concerns about the transparency of the process, because it was widely agreed among experts that if the process was based on merit and qualification, then Nigeria’s Finance minister, Dr. Ngozi Okonjo-Iweala would have emerged the winner.

Apart from being a world acclaimed economist with degrees from Harvard and MIT, Dr. Iweala has worked for more than twenty years at the World Bank until she rose to the number two position. She also served as Finance Minister during Obasanjo administration and presently doubles as Nigeria’s Finance Minister and Coordinating Minister for the Economy. She is also a member of various International Organisations and committees of the United Nations.

Immediately after she was nominated for the Presidency of the World Bank by a group of 39 former senior officials of the Bank, Dr. Okonjo-Iweala also received an overwhelming endorsement from various African leaders and other world leading financial experts and institutions, including the Financial Times and the Economist Magazine. It was a near consensus among the world financial experts that Okownjo Iweala was the most suitable candidate for the position in view of her intimidating Curriculum Vitae, education, experience and exposure over her two opponents, the President-elect, Mr. Jim Kim Yong, who is a health expert and former Cambodian Finance Minister, Jose Antonio Ocampo, who later withdrew from the race.

President Goodluck Jonathan, members of the Federal Executive Council, the National Assembly and indeed millions of Nigerians all rallied their support behind the Finance Minister in her bid for the Presidency of the World Bank. Among the Nigerian masses however, some may have rendered their support for her simply, because she is black and a Nigerian and in understanding the pride her ascension to the top of the World’s Apex Bank would bring to Nigerians, Africans and the black race as a whole. Indeed, Dr. Okonjo-Iweala deserves the support of Nigerians, if not for any reason, but for the instrumental role she played in offsetting the country’s heavy debt burden, that saved it from mortgaging all its mineral and intellectual resources as collateral for easy loans with long and dangerous repayment terms.

However, it can also be rightfully argued that many other Nigerians may have supported the iron-lady’s bid for the post, so that they can be relieved of the immense economic hardships she has inflicted on them since her appointment as Finance Minister by President Goodluck Jonathan. Today, millions of Nigerians still suffer the hardships brought by the fuel subsidy removal policy, which was a brainchild of the Finance Minister. The consequence of her always controversial and austere economic ideas that are often geared towards saving the country’s economy even if the citizens would be starved to death are still being felt by Nigerians.

Similarly, many would not miss the irony and mockery in the Minister’s narrative in a press conference shortly after she was grilled for three and a half hours during her interview for the post by board of the Bank. She told her life story, of a village girl in Nigeria, who not only knew poverty but also lived it, adding that if given the opportunity, she would lead a World Bank that would respond quickly and creatively to the needs of the poor. But with the unpleasant experience of Nigerians on her tenure as Finance Minister, many would be confused if this is really the same Okonjo-Iweala who masterminded the fuel subsidy removal policy and is now talking about responding to the needs of the poor. But Nigerians know better about sweet-talks and false promises of politicians and therefore are in a better position to analyze and draw a conclusion about where exactly she was heading with such a statement.

Nonetheless, Okownjo Iweala’s participation in the contest for the Presidency of the World Bank was indeed a pride to Nigeria and Africa. It is also a victory in the struggle for greater equity and fairness in the process of choosing the World |Bank President, and also a challenge to the United States and Europe who preach for democracy, fairness and transparency in governance.