World bank race: Ngozi Okonjo-Iweala loses out to Jim Yong Kim

Nigeria's Finance Minister, Dr. Ngozi Okonjo-Iweala, yesterday lost out to Korean-American Physician and US nominee, Dr. Jim Yong Kim, in the battle to choose a successor to the out-going President of the World Bank, Mr. Robert Zoellick.

The Executive Directors of the World Bank Group selected Dr. Jim Yong Kim as President for a five-year term beginning on July 1, 2012 and it ddn't come as a surprise to Mrs Okonjo-Iweala.

You know this thing is not really being decided on merit," she said before the announcement.