If you are a young Nigerian, life was already hard enough before the price of oil collapsed and Boko Haram established themselves as a real threat to Africa’s largest oil producer. The country’s now delayed elections are unlikely to improve their lot or that of weary investors.
For years Nigeria’s 170m people have laboured to overcome endemic power shortages, a lack of jobs, crippling corruption and institutions which have persistently failed to serve them. Nigeria’s own statistics agency found that 61 per cent of Nigerians lived on less than a dollar a day in 2010.
Electricity consumption per head of population is around 149 kw-hour (Mexico’s, by comparison, is over 2,000 kw-hours). Former central bank Governor Lamido Sanussi was sacked last year after exposing a multi-billion dollar subsidy racket involving the state oil company. Read more