20120324
AFP
Nigeria's Finance Minister Ngozi Okonjo-Iweala who is angling for the World Bank's top job, is a respected economist who has spent most of the last 30 years at the bank.

Before she became finance minister in August, the 57-year-old Harvard-educated economist was the World Bank's managing director, the second most powerful position at the global financial lender.

Okonjo-Iweala, who comes from an aristocratic family in southern Nigeria, kicked off her career with the bank in the early 1980s -- taking up from time to time offers to serve her native country in various positions, including ministerial posts.

Her other top portfolios at the bank were the vice presidency between 2002 and 2003. Before that she worked there in various capacities and in different regions of the world and managed multi-billion-dollar portfolios on its behalf.

Back home in Nigeria, she held two powerful cabinet positions of finance and foreign affairs minister at different times under ex-president Olusegun Obasanjo between 2003 and 2006.

She unveiled her intention to replace Robert Zoellick in Pretoria on Friday, flanked by her counterparts from South Africa and Angola -- respectively the continent's economic powerhouse and its second oil producer. Zoellick steps down in June.

Okonjo-Iweala was one of the leading proponents of Nigeria's new policy to abolish subsidies on fuel in a bid to stamp out endemic corruption and as part of wide-ranging reforms.

The policy, coming just six months after her return to government, saw pump prices jump more than twice overnight in January and sparked week-long nationwide strikes and protests that shut down Africa's leading oil producer until the government restored partial subsidies.

She was lauded for having negotiated the cancellation of 18 billion dollars, or 60 percent of Nigeria's debt with the Paris Club in 2005.

Okonjo-Iweala emerged a candidate for the World Bank presidency as emerging economies push for greater influence at the 187-nation lender whose top job had traditionally been held by an American.

She, however, faces a daunting challenge for the job. Former Colombian finance minister and central bank chief Jose Antonio has already put in his hat in the ring. The United States is yet to announce its candidate.

Top Nigerian economist Pat Utomi said she had the credentials to shepherd the lender.

"She has a long history of being part of the World Bank family so it brings on the one hand a good inside knowledge of the institution, and at the same time her return to serve Nigeria gives her perspective of the customers, the clients of the bank, that I think is valuable," he said.

The bespectacled Okonjo-Iweala, who usually sports traditional and colourful Nigerian outfits with a matching headscarf, said she was "absolutely" confident of her bid.

"I have long experience in the World Bank, in government and in diplomacy...," she said.

"I share the World Bank vision of fighting poverty with passion," she said.

When she was appointed minister last year, Zoellick said: "In her time as managing director, Ngozi has proven her determination and enormous capacity to work in the interests of poor people in developing countries around the globe."

Nigerian President Goodluck Jonathan, swearing her into office in August said expectations were "quite high".

"People expect so much from you. Some feel that you have the magic wand to change everything.