Nigeria's finance minister joins World Bank presidency race

PanARMENIAN.Net - Nigeria's Finance Minister Friday, March 23 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, AFP reported.

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.

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 spokesman 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 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.

The World Bank has 187 member nations and focuses its activities on development loans. Under a tacit agreement since the World Bank and its sister institution the International Monetary Fund were founded, the United States always selects an American as World Bank president and Europe puts a European at the IMF helm.

That traditional arrangement has triggered outrage from developing and emerging economies seeking greater representation to reflect their rising contributions to the global economy.