Business
‘I’ll Fight To Win World Bank Top Job’
Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday in Abidjan said she would fight to win the position of the World Bank President, after getting fresh endorsements from African Union (AU) and the Economic Community of West African States (ECOWAS).
The AU on Monday in Addis Ababa, endorsed Okonjo-Iweala as its candidate for the top job, while ECOWAS Heads of States on Tuesday in Abidjan, also declared their support for the former Managing Director.
The endorsements buoyed the chances of the former Managing Director of the World Bank, who had spent over 20 years working as a staff of the Bank and rose to the position of a Vice President.
Okonjo-Iweala, in an interview with the West Africa correspondent, said she had the track record of leading the bank, “in spite of the odds of history”.
On U.S. President Barack Obama’s endorsement of another candidate, she said: “Let’s give it a good fight, with a level playing ground we still stand the chance to win. ’’
Obama had endorsed a South Korean-born medical doctor, Jim Yong Kim, for the top job.
Our correspondent quotes Okonjo-Iweala as saying that: “President Goodluck Jonathan endorsed my candidature and sent me immediately to the AU headquarters in Addis Ababa, where I was received and a communiqué was issued.
“I was also at the extra-ordinary meeting of the ECOWAS Heads of States in Abidjan and the family declared to support my candidature as well. ’’
The Tide gathered that the former managing director had also extended her campaign to Asia to woo interests.
Some financial experts said election of Dr Ngozi Okonjo-Iweala, the Minister of Finance, as the President of World Bank, would bring development to developing nations.
They said this in separate interviews with our correspondent in Lagos last Wednesday.
Our correspondent reports that the African Union, had during its just concluded summit in Addis Ababa, endorsed the nomination of Okonjo-Iweala for the president of the bank.
Dr Olumide Owoade, a senior lecturer, Department of Economics, Lagos State University, said that the election of Okonjo-Iweala as the World Bank president would promote the country’s business interest at the international level.
He said that her election would also place the country on the competitive advantage over other African countries.
Owoade said that the position would enable her to present the nation’s economic problems to the IMF for necessary financial assistance.
“If the minister of finance is elected as the next president of the World Bank, it will make the country to be closer to the IMF which will have positive influence on the economy,” he said.
Dr Samuel Nzekwe, the immediate past President, Association of National Accountants of Nigeria (ANAN), said that the election of Okonjo-Iweala as the World Bank President would make the country to be more recognised internationally.
He said that the position would enable the international community to begin to explore the investment opportunities in the country.
Nzekwe urged the Federal Government to aggressively put in place adequate measure for infrastructure development, good governance and security to woo the investors.
“The ability of the government to have a good framework in place will make the emergence of Okonjo-Iweala as the World Bank president to have positive impact on the nation’s economy,” he said.
Also, Mr Eddie Osarenkhoe, the former President, Finance Houses Association of Nigeria (FHAN), said that Okonjo-Iweala’s election would be beneficial to African countries.
He said that this would help the country in sourcing for external loans to revamp the decaying infrastructure.
Osarenkhoe said that it would also attract new foreign investors into the country, which he said, would provide jobs opportunities for the unemployed youth.
“I believe that if Okonjo-Iweala is elected as the World Bank President, it will promote the nation’s economic activities and enhance good performance,” he said.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.