Five years ago, economists prophesied a prosperous future for Nigeria, and the rest of the continent. Yet today, the country is facing what one leading Nigerian academic recently told me is its “biggest crisis since independence”. The devaluation of the Nigerian naira by 230% over the past year, along with a huge rise in inflation, has sparked an economic crisis unequalled in its modern history. With meat, eggs and milk now a luxury, there have been reports of people in the north of the country being forced to eat poor-grade rice usually used as fish food.
Economics
Kate Mackenzie, Tim Sahay: The Gigantic Austerity Drive
We are quietly witnessing the largest shift to austerity undertaken in this century. Debt-strained developing countries are making further cuts to already ragged budgets, in many cases as they battle to meet punishing new conditions demanded by the […]
Climate Crisis
Thomas Roulet, Joel Bothello: Why “De-growth” Shouldn’t Scare Businesses
The degrowth movement has already begun: at a grassroots level, consumer demand is actively being transformed, despite political and corporate reticence. Read here Daniel Grizelj/Getty Images
Climate Crisis
The Malta Independent: Lengthy power cuts force people into air-conditioned cars to avoid the heat
We shall be harvesting more and more such crises as the results of the EU’s endemic corruption become visible. Matthew Caruana Galizia tweets “Corrupt politicians and businesses like SOCAR made Malta dependent on Azerbaijan and […]
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