Nigeria to Begin Operation of $1 Billion Sovereign Fund

ABUJA (Reuters) - Nigeria'

WASHINGTON (Reuters) - Emerging economies must be given a fair shot at leading the institutions at the heart of global finance or they will end up going their own way, a challenger for the top job at the World Bank. "The balance of power in the world has shifted and emerging market countries are contributing more and more to global growth - more than 50 percent - and they need to be given a voice in running things," Nigerian Finance Minister Ngozi Okonjo-Iweala told Reuters in an interview released on Monday. "If you don't, they will lose interest. ...

WASHINGTON (Reuters) - Emerging economies must be given a fair shot at leading the institutions at the heart of global finance or

The mother of Nigeria's Finance Minister Ngozi Okonjo-Iweala has been released by her kidnappers, five days after she was seized from her home, Nigerian police said Friday.

Ngozi Okonjo-Iweala, the Nigerian finance minister who wants to run the World Bank, has warned that emerging economies will lose interest in multi-lateral institutions if they are not given more of a voice at the top of them.

Nigeria's finance minister Friday joined the race for the top World Bank job, backed by Africa's leading economies in a push for greater influence at global financial bodies dominated by rich nations.Ngozi Okonjo-Iweala, flanked by counterparts from South Africa and Angola, unveiled her candidacy at a press conference in Pretoria, putting the weight of Africa's biggest economy and its two biggest oil producers behind her bid.

Last spring, when the Monetary Fund began its search for a new Director, I argued that the Fund should pass over ? then French finance minister ? for a candidate from the developing world.??As it happened, developing countries failed to rally around a strong candidate in time, and Lagarde handily won the gig. And, as ...

A conversation with Nigeria's finance minister, one of two challengers to the Obama administration's nominee.