Abuja — Former Finance Minister, Dr Muhtar Mansur, has been appointed an alternate Executive Director of the World Bank. Finance Minister, Olusegun Aganga, broke the news yesterday after a briefing session with Dr Mansur in his office in Abuja. Dr Mansur's appointment which is a full-time position in Washington is a result of the creation of an additional seat for Africa on the board of the World Bank Group. Africa now has three seats on the board since November 2010. This is one of the direct fallouts of the chairmanship of the World Bank /IMF Group by Finance Minister, Olusegun Aganga in 2010. Aganga was the first African to chair the World Bank/IMF Group.
The creation of this third seat for Africa will enhance the voice of the continent at this global body and increase its vote.
Dr Mansur's duties on the board will include the setting of strategic directions and approving policies and programmes of the World Bank Group in the member states; approval of internal policies including human resources; oversight matters in relation to the functioning of the Group's duties, among others.
By Dr Mansur's appointment, Africa now has an additional voice at the highest level that will be involved in the formulation and implementation of the World Bank Group's programmes in the continent. The Group plays a very significant role in the economies of virtually all African countries. Foreign investors, donor and credit institutions often insist on the World Bank approval of national economic policies before dealing with developing nations within which category virtually all African nations fall.
Speaking on Dr Mansur's appointment, Finance Minister, Olusegun Aganga declared that he was delighted by the appointment. He said that given Dr Mansur's experience at the African Development Bank, the World Bank and as a former finance Minister, he (Aganga) couldn't have recommended a better person for the position.
Aganga said that Dr Mansur knows what the issues are in respect of Nigeria and shall see how to get the best out of the relationship between Nigeria and the World Bank/IMF, bearing in mind the programmes of the Federal Government.