For years, Nigeria was considered the big winner of the commodities boom. But a few years ago the tide turned. Now Africa’s most populous country is in unprecedented crisis. About 100 million people live in poverty. Debt? A multiple failure of politics. Krone+ took a look at how Africa’s rising star is currently falling to the ground.
The year is 2013: Nigeria is experiencing a decade of prosperity. The extraction of huge oil fields, coupled with a commodity boom at the turn of the millennium, generated huge revenues for the state. Nigeria has now even overtaken South Africa as the largest economy in Africa. Per capita income will rise from $1,100 to $1,800 within a few years. The sun is shining over Nigeria, the country has been chosen as the great hope of the hot continent.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
