Viewpoint by Jonathan Power
LUND, Sweden (IDN-INPS) - Africa up or down? After 10 years of quite remarkable growth across the continent most countries are experiencing a downturn, with average growth nearer 3.75% than 5% as before.
Nigeria, the continent’s most populous country with its largest economy, was at one time growing year after year at 7+%. Now it looks like it’s heading for recession and a growth rate pointing to zero. It has been hit by a six-fold whammy – oil prices sharply down, the effects of the great recession in the industrialised countries, the Chinese economy slowing, bad economic and foreign exchange policies under the relatively new president, Muhammadu Buhari, increased corruption under his predecessor, Goodluck Jonathan, and the war against Boko Haram in the far north.