Africa Economy

With hydrocarbons accounting for 90% of Nigeria’s foreign exchange, sustained low oil prices in 2014 and 2015 reduced the availability of dollars and other major foreign currencies. This reverberated throughout the economy, given the need for dollars to buy imports for key staples ranging from rice to diesel fuels. As a result, Nigeria...

I think there is now a consensus that the worst is over, but we must act with conviction to ensure that we do not repeat the mistakes that left us so vulnerable.

Following a peaceful handover of power – the country’s first – in 2015, Nigeria is currently enjoying its longest uninterrupted period of democratic rule. The government, led by President Muhammadu Buhari – who also served as head of state briefly in the 1980s – was elected in part as a result of a campaign that promised a zero-tolerance...

With Africa’s largest economy and its biggest population, Nigeria is the continent’s heavyweight. The country has been blessed with resource-rich lands, areas of great agricultural fertility and favourable demographics, but it has also had its fair share of challenges, ranging from poor infrastructure, secessionist movements, military coups and religious violence.

With a variety of economic and diplomatic ties linking it with superpowers both old and new, Nigeria has long been a prominent player in both the continental and global arena. While simultaneously pursuing a leadership role on a variety of cooperative initiatives with its West African neighbours, the country’s diplomatic efforts...