More voting rights, as World Bank raises Nigeria’s shareholding

THE clamour by the African region for more voice at the Breton Wood Institutions – the World Bank and the International Monetary Fund (IMF) – are beginning to pay off as Nigeria and South Africa have had their equities in the World Bank raised to give them more voting rights in decision making of the institution.

This cheering news was broken Wednesday by the Minister of State for Finance, Yerima Lawal Ngama, at the end of the Federal Executive Council meeting (FEC). He disclosed that the increased Nigeria’s shareholding in the bank was by additional 119. Lawal said with this development, Nigeria is now ranked among the league of nations whose opinions would become relevant as major decisions are taken in the bank.


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