Economics
As World’s Hottest Economy Unravels, Nigerians Feel the Squeeze
Boko Haram and the oil collapse prove a nasty mix for a rising African power
Zoology student Samuel Pelumi works on his laptop outside his home alongside the Lagos Lagoon.
Photographer: Jason Florio/Bloomberg MarketsThis article is for subscribers only.
In a four-day sweep through Nigeria early last year, Aberdeen Asset Management’s Kevin Daly detected trouble. Yes, the country was a rising African power and yes, it had become the world’s fastest-growing major economy, but things weren’t quite right. An Islamic insurgency was heating up in the north and there were early signs that a nasty presidential campaign was brewing.
Then financial disaster struck.