Down Goes Democracy
Article Abstract:
A military coup overthrew the democratic government of Nigeria in January 1984. Nigeria had been a democracy for four and a half years. A proposed austerity budget, cutting nearly thirty per cent of public capital spending precipitated the takeover. Corruption is widespread in both the old and new governments. Nigeria holds large foreign loans. Western Europe supplies Nigeria with many goods and will be hurt by the country's instability. Food shortages will likely occur, as economic reforms initiated by the former government, will be abolished.
Publication Name: Economist
Subject: Economics
ISSN: 0013-0613
Year: 1984
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Can Nigeria's Buhari Take on the Import Monster and Win?
Article Abstract:
The government of Nigeria has set a new limit on foreign funds available for imports. This may help Nigeria to deal with its current deficit of $16.5 billion. Manufacturers are being hurt since about seventy-five per cent of its industry's raw materials are imports. Food prices are high and supplies are low. Although leaders are committed to halting corruption, only modest improvement is expected. Plans for repayment of loans are being negotiated. The economy's dependency on oil must be diminished.
Publication Name: Economist
Subject: Economics
ISSN: 0013-0613
Year: 1984
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Shagari the Scapegoat
Article Abstract:
Discontent, which has been growing in Nigeria, resulted in the December 31, 1983 overthrow of the democratic government by the Nigerian military. Although tribal rivalry still exists, inept economic policies and corruption were the principal causes of the revolt. The drop in oil prices has accounted for the economic crisis. Borrowing heavily increased debts. Corruption existed on all levels. The assessment of the new leader is cautious.
Publication Name: Economist
Subject: Economics
ISSN: 0013-0613
Year: 1984
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