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What's Going On in Nigeria?

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Lady Faatimah

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The Conflict: Northern Muslim's v. Nigeria's predominantly Christian south.

Kaduna state police Chief Bala Nasarawa told the Associated Press that the traditional ruler and his wife were killed Friday morning in the town of Kafanchan. www.theroot.com

Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. (CIA factbook)

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