http://www.africanexecutive.com/modules/magazine/articles.php?article=6487&magazine=382
World Bank is Irrelevant
Ms Okonjo-Iweala Photo courtesy
I am glad Ms Okonjo-Iweala, Nigeria’s Finance Minister did not make the cut
as World Bank president. What would her WB presidency have done for
Nigeria?
Most Nigerians are not informed about the role and functions of the WB. So
any time one of their own gets a job at the WB, it is almost like a
'Eureka' moment, calling for national celebration. Such euphoria is an
indication that the people are limited in what they believe is path to
their national interest and development. As US faces challenges in its
economy, a World Bank president right there in Washington DC is hardly
sought after to offer opinion on what US should do. Majority of US citizens
do not understand what WB does and will feel offended if they were to get
solutions from the bank.
Ms Okonjo-Iweala, in her second merry go round as Nigeria Finance Minister,
has not succeeded in promoting policies to enhance the Naira value against
the Dollar/Euro/Pound. Instead, she has sought a return to a desk job as WB
staff. She sees Nigeria as a playground, and I hope the Nigeria political
class begins to demand from the appointees commitment.
When Ms Okonjo-Iweala, first debut under Obasanjo administration, Nigerians
felt: here comes a 'Daniela To Justice.' Well, shortly after her
unimpressive role, she quickly returned to WB. Then President Jonathan
Goodluck, in towing the line of those who are impressed by anyone who may
have worked at IMF, WB or UN, quickly tapped her again as Finance Minister
and further sweetened the role by giving her additional responsibility as
Coordinating Minister for Economic Development, almost like 3rd in command.
With all that, she failed to deliver palatable and amicable policy on fuel
subsidy, only backing down when Nigerians took to the streets.
Ever since she debut, Naira has remained a basket currency, each time
losing value against the Dollar/Euro/Pound. That the Ethiopian currency
Birr, is stronger than the Naira when Ethiopia supplies no oil to US and is
a landlocked country with only one reasonable city Addis Ababa, should make
anyone with knowledge of currency manipulation, stand up and ask questions.
Can Ms Okonjo-Iweala, explain to Nigerians why Kenya and Ethiopia have
stronger currencies than Nigeria? I would like to hear her explanations.
Nations that are serious about their national interests must not be victims
of WB/IMF prescriptions but seek internal programs and policies suited for
their development. In January at the height of Nigeria fuel subsidy crisis,
Ms Okonjo-Iweala, was happy to parade Madam IMF president to naive and shy
Nigeria leadership as if IMF president presence is an endorsement. I will
bet Ms Okonjo-Iweala was setting up her interest to seek president of WB,
by inviting Madam IMF, hoping the camaraderie would have become a browning
point on her resume.
Well, knowing the geopolitical sentiments that surrounds US male dominated
landscape, it was not to be expected that IMF and WB will have females
heading at the same time. Some quarters hold the view that appointing Ms
Okonjo-Iweala, who has no reach will damage the reputation of WB as no one
will take her call. Had Ms Okonjo-Iweala, sought opinions, she should have
gracefully declined, stating that serving Nigeria instead of the world, is
more fulfilling and satisfying. But in a blind pursuit, she offered up her
name.
Ironically, even as most EU members including France face trouble in their
economies, the French national parliament has not sought solutions from
IMF. Developed nations take pride in solving their problems, and because of
pride, will not be seen as kowtowing to foreign institutions. It is a case
of doctor cure thyself, but the doctor rather not take their own
prescription.
As long as Africa is dependent on foreign prescribed solutions from WB,
IMF, UN and other donor nations, her chances of emerging as a continent of
collateral content will be like expecting the sun to rise from the West.
Nigeria is the world's most populous black nation but one whose national
interests are often secondary to any foreign one. If nations should do what
FDR eloquently stated, 'no nation should undermine her economic interests,'
how come Nigerians think by they will be formidable by juggling their
interest with foreign interests?
With all the churches, preachers, priests, prophets, pastors, and screaming
men and women of God that parade Nigeria, it is still a challenged nation
given its size and human capital. If Ms Okonjo-Iweala is serious, she
should forget looking for a WB job and serve the people of Nigeria. Serving
in the capacity of WB president has no collateral value for Nigeria.
China today that is giving everyone a run for their money never had a
Chinese as WB president and will not seek one either. Serving in the
WB/IMF office is not a passage to economic wellbeing. Well, if the saying
s/he who pays the piper dictates the tune, what makes Nigerians think WB
has their best interest at heart?
WB/IMF, are command and control arms of the west hoisted on unsuspecting
nations who are clueless on marshaling fiscal and monetary policies suited
to their national interest. If nations have the sovereign rights to their
wellbeing, why ask another for solutions to their situation? A zillion
Naira question. But one I am afraid, Nigeria present leadership is neither
prompted nor suited to address.
By Ejike E Okpa II
Dallas, Texas.
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Received on Wed Apr 11 2012 - 11:04:40 EDT
