Tag Archives: Africa

History of corruption in Nigerian leadership

WHEN BABANGIDA SEIZED POWER ON AUGUST 27, 1985, the country owed $12 billion. The squandering regime raised the national debt to $33 billion in only about six years. When he hijacked power, only N11.8 billion naira was in circulation in Nigeria. At the termination of his misrule, General Babangida, Osoba argues, had injected ‘an intolerably… Read More »

Call for applications: Cultural Diplomacy

I just got this in the mail. If you have any questions, write to the email addresses in the body of the Call. “Call for Applications” (ICD Conferences, January – March 2012) Dear Sir/ Madam, On behalf of the Institute for Cultural Diplomacy, I am writing to bring to your attention the following major programs… Read More »

On foreign-directed PR by African leaders

By Julie Owono in a very nice piece for Al Jazeera: On November 11, 2011 the French newspaper Le Monde published two pages advertising what it described as the “free and fair” Cameroonian presidential election of October 9, 2011, which resulted in the election, for the sixth time, of Paul Biya, who has ruled the country since 1982. Frederic Meixner,… Read More »

On the “informal economy”

From a WSJ review of Stealth of Nations: The Global Rise of the Informal Economy: Mr. Neuwirth introduces us to a woman named Jandira who for a decade has peddled coffee and homemade cakes to the unlicensed vendors at São Paulo’s early-morning wholesale market for pirated movies. Her street-corner business, she proudly tells him, has enabled… Read More »

Elder’s Corner: A documentary about Nigeria’s musical icons

This is a synopsis: Elder’s Corner is musical journey through pivotal moments in the colorful history of Nigeria as told through the lives and careers of the nations foremost music legends. It is a story about the eroding effects of colonialism, bitter ethnic clashes, politics, oil, power, money and their combined effects on a nation… Read More »

Nigeria’s CBN to shift about 10 percent of FX reserves from dollar to RMB

From Reuters: Nigeria’s central bank plans to diversify its $33 billion in foreign exchange reserves away from the dollar by switching a tenth of the stockpile into yuan, underlining the momentum behind China’s drive to internationalise its currency. “We are looking at anything to start with from 5 to 10 percent of our reserves,” central… Read More »

Aljazeera focuses on Nigeria

Dr Okonjo-Iweala, the returning finance minister and new economy Czar (couldn’t resist that one) starts talking at about 4:30. She talks about agriculture, manufacturing, job creation and even Nollywood. I don’t yet have an opinion on her and her new team  –  it is much too early – but in a few months, one should… Read More »

Senegal hunts for oil

From Bloomberg: Energy companies operating in Senegal will drill three offshore wells next year as the West African nation vies to join a growing group of regional crude producers, according to the state-owned oil company,Petrosen. Senegalese officials held talks with more than 10 oil companies this year in attempts to lure investors to its energy industry, said Joseph Medou, Petrosen’s geologist,… Read More »