Oil imports instead of exports
Crisis in Nigeria: When the blessing becomes a curse
For years, Nigeria was seen as the big winner of the commodities boom. A few years ago, however, the tide turned. Now Africa's most populous country is in the midst of an unprecedented crisis. Around 100 million people are living in poverty. The blame? A multitude of political failures. Krone+ has taken a look at how Africa's rising star is falling to the ground.
The year is 2013: Nigeria has a decade of boom behind it. The extraction of huge oil fields coupled with a commodities boom at the beginning of the millennium has brought the state enormous revenues. Nigeria has now even overtaken South Africa as Africa's largest economy. Per capita income has risen from 1100 to 1800 dollars in just a few years. The sun is shining on Nigeria, the country was chosen as the great beacon of hope for the hot continent.
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