THE contest for the presidency of the World Bank which will become vacant at the exit of the current president, Robert Zoellick, has now reached a feverish crescendo with the entry of three eminently qualified professional juggernauts in the race. Jim Yong Kim from the United States (US), Ngozi Okonjo-Iweala of Nigeria and Antonio Ocampo of Colombia are vying for the presidency of the international financial body.SINCE the helmsmanship of the Bretton Woods financial citadel has become synonimous also with global relevance, power and is a veritable source of developmental leverage to international economy, the lobby, intrigues and even the political manoeuvring that have accompanied the contest could be easily understood.WHILE the credentials of Yong Kim of U.S. and Antonio Ocampo of Colombia cannot be wished away, it is saying the obvious that the academic and professional pedigree of Nigeria's Ngozi Okonjo-Iweala comparatively stands out, thus making her the primus inter pares.DESPITE the long-standing gentleman's agreement between the US and Europe that the World Bank presidency be held by the US while the International Monetary Fund (IMF) top position goes to Europe, 'there has been strong feelings among emerging economies, includingsome Europeans and Americans for opening up the process to secure the most qualified candidate, regardless of nationality.'IN fact, the reality of the existing loans' portfolio of the World Bank has made it imperative and professionally prudent to appoint Okonjo-Iweala as the new president. According to reports, the 'new president will take over an institution that lent $57 billion in 2011, as privateinvestors step up their funding for development projects, to turning the World Bank into more of a technical adviser.'OKONJO-IWEALA, apart from her rich experience as a World Bank technocrat, having worked in the Institution since 1984 where she roseto the level of the Managing Director, possess intimidating credentials which remain assets for those who cherish excellence.GRADUATING with the topmost grade in Economics from Havard University, the quintessential scholar also attended the highly-rated Massachusetts Institute of Technology where she earned a Ph.D in Regional and Development Economics, thus making her an expert in spatial and developing economy.HAVING thoroughly gone through the strategic levels and divisions of the World Bank creditably for over 20 years, leading to her appointment as Finance Minister of the Federal Republic of Nigeria in year 2003, Okonjo-Iweala, armed with uncommon knowledge of hindsight, was responsible for the securement of debt relief for Nigeria from the Paris Club, thus bailing out the country from the gulag of foreign creditors.USUALLY described as a woman of 'Timber and Caliber' by admirers, Dr Okonjo-Iweala has earned recognition for her enviable efforts. She won many international awards, such as Time Magazine's European Hero in 2004, Euromoney Magazine, Global Finance Minister of the year in 2005 and the Financial Times/The Banker African Finance Minister of the year 2005. The World Bank, in appreciating her enviable performance as the Minister of Finance in Nigeria during her first stint, promoted her on her return to the bank to the level of a Managing Director.WHILE the United States has put up Jim Yong Kim, a health management expert as a candidate for the coveted World Bank position, we need to remind the sponsor that the management of this Institution, considering the current global challenges, demand experienced professionals like Okonjo-Iweala to move the World Bank to the next level. It should be noted also that the core mandate of the World Bank is the financing of projects in developing countries. The bulk of the loans disbursed are in fact directed towards projects in these countries. THE appointment of Okonjo-Iweala, who incidentally was the core technocrat as the Managing Director of the Bank when the loans were granted, will only ensure continuity and thus re-invent the founding philosophy of the Bank which was established after the Second World War in 1945 to salvage the world from the shackles of excruciating depression. It can now be said that the appointment of Okonjo-Iweala, will instantly redress past mistakes of appointing presidents and key officers of World Bank from the advanced countries, which more often than not, led to mis-match in project financing. The issue of gender balancing is also a plus in the favour of Dr Okonjo-Iweala as the bank has never had a female president.WHILE we are also not unaware that the World Bank Board of Directors will choose through a system of weighted voting in which the United States has 16 per cent, the EU states altogether 29 per cent and the Japanese 9 per cent, we want to appeal to the conscience of these countries to consider the immense contributions of Okonjo-Iweala and most importantly, the future growth of the World Bank which the appointment of a former WHO personnel as represented by the U.S. choice of Kim cannot achieve.IT is hoped that this sentimental and regional approach to the appointment of World Bank and International Monetary Fund (IMF) presidents will give way to merit, without emphasis on nationality.
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