World Bank Funds For Africa

 By Gbenga Omotoso

22nd OCT 2007

World Bank Managing Director Mrs Ngozi Okonjo-Iweala is excited about her new job, which she believes holds a lot for Africa. According to her, a stronger voice for Africa "is quite a complicated issue" but at one level yes, the continent will gain more." "You know me; I’m an activist by nature. Many African countries have done the right thing; they have restructured their economies, the framework on which these economies can grow and now is the time for institutions to help," she told The Nation in Washington at the World Bank/IMF meeting.

The former Finance Minister spoke of problems to be tackled, citing unemployment," which in some countries has gone up to 50 per cent, 25 per cent and under." We have to recognise the problem," she said. According to her, the Bank’s president is sympathetic and willing to do more." There must be new instruments; new approaches, not just the traditional way of doing things," Mrs Okonjo-Iweala said.

Asked what specifically the bank can do to help, considering her new position, she replied that it could channel private sector funds into the continent as there is much liquidity out there." I’m excited. There must be new ways of doing things. The sectoral policy. How do we leverage this for Africans to do infrastructure? The changing governance arrangement for the bank which will be much more complicated. The environment is changing. We have emerging markets like Brazil, China and India which have strong voices. Everyone should have a say on what is being done for you," she said.

Corruption is believed to be a major obstacle in the battle for development. But Mrs Okonjo-Iweala believes that much progress has been made in tackling the problem, especially in Nigeria, but she would not She said: "The difference in the developed countries is that there are consequences, which are so severe. Consequences are applied. That is what separates us. I’m not speaking about our country alone, what we need to do. Consequences need to be more at the fore. We can’t say there’s nothing to worry about, either in Nigeria or any other African country. In Nigeria, we have moved away from where we used to be. We made an effort. The problem is more. Can we continue that progress? The EFCC and Nuhu Ribadu have been doing a brave job."

To Mrs Okonjo-Iweala, who was also Foreign Minister, President Umaru Yar’Adua, who she describes as "a symbol of probity and integrity", is sincere in his resolve to fight corruption. She hopes the anti-corruption fight will continue. Asked whether she had any regret coming to Nigeria to work, she smiled and said: "Even with all I went through, I would do it again. People expect me to say ‘o no!’. No regret at all. I was doing it for my country. Maybe I would do a few things differently, but I would do it again. If we don’t suffer for our country, nobody is going to do it for us; we can’t make progress. It was all for the sake of Nigeria. When I look back, I say ‘God I went through a lot." But I’ll do it again."

According to her, when she was going to Nigeria, it was as if there was no hope." When you talk to people about Nigeria, Diaspora people, even at home, people did not think anything could ever change. Even though we may not have done it completely, things are changing. People are demanding. They talk when they see that something wrong has been done," she said.

When Mrs Okonjo-Iweala was moved to the Foreign Ministry, many thought she would not do well as she was being taken away from her natural area of competence, finance. She disagreed and recalled her brief stay at the ministry." Things were already changing," she said, adding: "Don’t forget that we were the first or second to move out our people from Lebanon and the world noticed." According to her, if she had been put in Sports, she would have also done well. "I consider it exciting; I would have had fun," she said.

Mrs Okonjo-Iweala is to begin to function in her new position as from January.

Source: The Nation

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