http://www.thenationonlineng.net/2011/index.php?news=44007

Developing countries including Nigeria are no longer candidates for charity and aid from developing countries, the World Bank has said.

The outgoing World Bank President, Robert Zoellick, disclosed this at the on-going International Monetary Fund/World Bank Spring Meetings in Washington DC, United States of America.

Specifically, he said since the “developing countries have provided two-thirds of global growth over the past years, these are no longer charity cases.”

Noting that developing countries “are vital to the world economy,” Zoellick, whose five-year tenure elapses on June 30, this year, nonetheless, stressed the need for both developing and developed countries to focus on structural reforms that will be the drivers of future growth, “otherwise the world will keep stumbling along.”

In Sub-Saharan Africa, the World Bank chief said the countries must work to remove barriers to the great economic potential of the region and seek to achieve regional integration, which he said is the way to go.

Giving an appraisal of his tenure, Zoellick said: ”Our initiatives for open information, open data, and open access to knowledge may turn out to be the most important legacy of the past five years.”

The outgoing World Bank boss noted that he took over the World Bank presidency at a crisis period and his tenure has had three phases starting from a turnaround from trouble times.

He said about $250 trillion have been spent is support of countries across the globe for food, fuel and to mitigate financial crisis.

In addition, he disclosed that modernisation of the Bank for the future was initiated during his tenure.

This, he said, is in addition to the first large recapitalisation of the International Bank of Reconstruction and Development (IBRD) in over 20 years, and two record-breaking International Development Association (IDA) replenishments totaling more than $90 billion with an AAA rating.

Speaking on the effects of the Arab spring, Zoellick said the Tunisians’economy is under severe stress since the country lost a lot to the uprising; just as Libya now needs capacity to build its enormous resources.

He noted that the North African economies’ transformation is going to take a while.

On his successor, Zoellick said: “I think he will do a great job”and wished him and others success.”

Earlier in his congratulation message, Zoellick, said: “Jim has seen poverty and vulnerability first hand, through his impressive work in developing countries. and his rigorous science-based drive for results will be invaluable for the World Bank Group as it modernises to better serve client countries in overcoming poverty.”

No more FREE money to be looted by Nigerian politicians and co!

At last

Nice move by the world bank...long expected

Thank you world Bank. Were we feeling what u have been giving us before. Abeg we love this move.

This is the side effect of saying our economy is growing at an average of 7% annually. If na true or na lie we go soon see...

This is a very much welcome development as there won't be free money to be stolen by some greedy politicias.
However, I sincerely hope it won't affect negatively some parts of the country that genuinely need external aids to have a better life.

Good one.

halleluyahhh

one door don close lets see weda anoda window go open.. Nigeria politicians will find other means of siphoning money

Is this our punishment for contesting the presidency

Those aid given to us to benefit the masses always end up being looted away by either millitary dictators or elected politicians in nigeria and other african nations. Our leaders are too corrupt to be trusted by world bank. It has nothing to do with economic growth. It is just that our leader extravagant lives is now expose to world bank and other world financial institution. Thank you world bank, our next generation will not inherit debt in form of aid they never see nor enjoy.

Good one.[img]http://www.dubaa.info/hmp.gif[/img]

isanyoneup.com finally shutdown read here http:///1vhx2

I love this news, no more NGO Chiefs using donor money to buy rr sport. Wicked Nigerians. Nigerian Leaders help your poor by yourself, if the president can afford 3 million a day for food he can afford to pay for HIV treatment for poor Nigerians.

12go: At last

At last indeed

good

tecno11: Is this our punishment for contesting the presidency

No my dear. Is Naija a poor country 2 b given aid in d 1st place? I wish IMF, ADB n all odas 2 join d fray.

I don't know the outcome but I hope it is a good move. Maybe Oil Companies should also stop doing business with Nigeria so that the politicians will focus on Agriculture, Manufacturing, IT, etc development.

thumbs up

If true, this is great news!

It is time 'developing countries' start pulling their weight and getting their acts together . . . . Develop, mean it, or DIE(thank you Seth McFarlane!) !!!

This is good...no more money to misappropriate! All other countries should please remove their financial aids to Nigeria too!

This is long over due.Since we have turn ourselves to old baby that refuse 2 grow.

chrishenzo: I don't know the outcome but I hope it is a good move. Maybe Oil Companies should also stop doing business with Nigeria so that the politicians will focus on Agriculture, Manufacturing, IT, etc development.

You have spoken well

Thats a brilliant idea. No more aids for the rogue, buffons and rascals we call our leaders to loot. At least that will reduce Naija's debt profile and end naija's dependance on aids..we are no beggers

nice move by d world bank....afterall dis aid has neva reach d grass root...world bank tanks alot u ar highly welcome

we dont need that aid to fix our problems... tho it's a plus but all we need are dedicated leaders who are not only concerned about their next office but their current duties... our prisons are homes to the wrong people, many past public office holders should be in jail now

This is long overdue

The implication is that Nigeria has not made good and judicious use of past loans to reduce poverty unemployment but rather corruption has increased in a dramatic and embrassing manner!The loans never got to the target projects and sectors.

Yes good and any american gay should not practise it openly in 9ja or else 14 yrs imprisonment. We surely understand it and come out straight with reason and don't hide behind that single reason.

Now we know why NOI is not the right candidate. She wouldn't have done this or at least her 'Nigerianness' wouldn't have let her. Good for us...We need to learnt to make good and judicious use of opportunity.

e_prynce: Now we know why NOI is not the right candidate. She wouldn't have done this or at least her 'Nigerianness' wouldn't have let her. Good for us...We need to learnt to make good and judicious use of opportunity.

Mr Man dont bring her in, Aid is not a bad thing if given to the right ppl. Anyway I support this, Therefore no more free money no more free oil for USA.