Oil Imports Instead of Exports – Crisis in Nigeria: When the Blessing Becomes a Curse

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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

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