Blog posts tagged by tag: Resource Curse
Nigeria: Only by freeing Nigeria from its dependence on oil can Buhari truly take Africa’s giant to the next level
In his election campaign, Muhammadu Buhari, the incumbent president and head of the All Progressives Congress (APC), ran on a platform promising to “take Nigeria to the next level”. More specifically, he pinpointed “next level agriculture”, “next level power”, “next level industrialization”, “next level tech & creative” and “next level school feeding” as the means to do so—vowing to his fellow Nigerians that “we are all going higher” as a result. After comfortably securing his second term—winning 55.6% of the votes in an election marred by characteristic delays, violence, voter apathy and condemnation by the opposition—Buhari must learn from the mistakes of his first term and immediately turn his attention to the significant challenges facing Nigeria. Particularly, the last five years have been yet another harsh reminder that Africa’s largest economy and most populous country remains fatally overdependent on its oil-related revenues, which still account for around two-thirds of government revenues and nearly 90% of export earnings. If he wishes to follow through on his campaign pledges, the former military general must therefore strive to free Nigeria from its reliance on its oil revenues, while cracking down on corruption and ensuring Nigeria’s institutions are left in better shape than he inherited them.
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