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The collapsed price of oil is putting pressure on oil exporters around the world, from Canada to Kuwait. But perhaps no country is less prepared to survive prices at about $30 a barrel than Nigeria, which until a few years ago relied heavily on petroleum exports for its revenue. While countries like Saudi Arabia and Russia have saved past oil profits for rainy days, Nigeria has no such insulation. What’s worse is that Nigeria is especially dependent on imports of basic goods.

The cracks are starting to show: While the official rate doesn’t reflect it, Nigeria’s currency, the naira, is the world’s worst performing this year.…  Seguir leyendo »

By Nuhu Ribadu, the chairman of Nigeria’s Economic and Financial Crimes Commission (THE NEW YORK TIMES, 01/05/07):

FOR the past few weeks, the world has been riveted by the difficulties of Paul Wolfowitz, president of the World Bank, regarding a potential conflict of interest involving the salary of his partner, also a senior official there. With the bank’s board deliberating this week over how to handle the charges, the controversy now needlessly and regrettably threatens Mr. Wolfowitz’s presidency, which has been largely defined by his energetic support for a new Africa that is struggling to emerge.

Over the last two years, Mr.…  Seguir leyendo »