Thursday, August 27, 2020
Unconfiscatable? Using Bitcoin to Resist Police Extortion in Nigeria
Nigerian programmer Adebiyi David Adedoyin hears knocking at his apartment door. He’s just woken up and headed to the bathroom. He decides to take his time. He’ll answer in a minute.
But the knocking grows louder – and more urgent.
Inching open the bathroom door, Adedoyin sees someone clawing open his apartment window.
“Someone’s there,” a voice says.
It’s probably the police trying to break in, he realizes, from all the stories he’s heard.
Adedoyin is sure he hasn’t done anything wrong. But with the Nigerian police, that doesn’t matter. He still might need to brace for trouble.
As he thinks through what to do next, Adedoyin is thankful a chunk of his money is stored in bitcoin. His crypto wallet is in a hiding spot the officers probably won’t think to check. That means they’re less likely to steal it.
Police corruption
While there are many principled police officers in Nigeria who help tackle crimes, police corruption is pervasive. Many Nigerian police are known for extorting and even sometimes torturing citizens rather than helping them solve legal quandaries.
“Right there in the bathroom, where I was in my boxers with just my phone, AirPods and pack of cigarettes, I could hear them shouting for me to come open the door,” Adedoyin told CoinDesk.
This is a well-documented phenomenon in Nigeria. Over the past several years, an online social media movement has emerged against the police. On Twitter, people use the hashtag #EndSARS to publicize the poor treatment they’ve received from police. SARS stands for Special Anti-Robbery Squad, which is a particularly brutal and mistrusted wing of the Nigerian police force.
Human rights research organization Human Rights Watch released a 102-page report outlining the abuses in painful detail in 2010.
“Human Rights Watch’s research revealed that people refusing to pay bribes are routinely subjected to arbitrary arrest, unlawful detention and threats until they or their family members negotiate payment for their release. Extortion-related confrontations between the police and motorists often escalate into more serious abuses. The evidence suggests that police officers have on numerous occasions severely beaten, sexually assaulted, or shot to death ordinary citizens who failed to pay the bribes demanded,” the report reads.
Tricks and strategies
Adedoyin notes that Nigerians have to develop their own tricks to avoid police extortion, especially the younger Nigerians who are the main targets. Some people walk along different routes to avoid walking near the police.
“Now it’s up to each person to prevent oneself from entering such situations,” he said.
The practice is common enough that Adedoyin has been extorted by police officers more than once, and his friends have, too.
Corrupt police officers take their detainee’s phone. They scan through it looking for SMS or email messages signalling how much money the detainee has in the bank.
If the police officer finds the detainee doesn’t have any money, they’re less likely to waste their time.
Locked in the bathroom, Adedoyin rapidly scrolls through his most recent messages, deleting any bank statements or emails showing how much money he has.
The bathroom door lock breaks.
Adedoyin is confronted by four police officers, all carrying guns. One slaps Adedoyin and asks him why he didn’t come open the door. As Adedoyin expected, another officer snatches his phone and scans through for any grain of evidence that Adedoyin has money.
Adedoyin didn’t have time to delete everything. The officer finds some evidence of how much money he makes. They finally let him go once he pays.
Where using bitcoin comes in
It was a bad experience. But Adedoyin is happy that his bitcoin trick worked – most of his money is still safe.
“The money they collected to let me go in that case would have been a lot more if I had more money in my account. But I had most of my money in bitcoin,” Adedoyin said.
Why does using bitcoin help in this situation? Adedoyin’s ploy is to pretend that he doesn’t have much money to extort. His solution is to store his money in a bitcoin wallet instead of in a bricks-and-mortar bank. Since bitcoin’s less common, it’s less likely the police officers find it.
Put another way, he’s not putting his money into bitcoin as a safeguard because of its decentralization properties. Rather, he just thinks police officers are far less likely to look for a crypto balance than a fiat balance to see if he’s ripe for extortion.
“[The officers] don’t think to check [bitcoin] wallet apps, because most of them don’t even know what bitcoin is and even think bitcoin is a scam,” Adedoyin said.
The second reason he has bitcoin is he hopes the price will keep rising. Like many other bitcoiners in the region, he sees it as an investment that might pay off in the future.
But for now, he keeps most of his money in bitcoin as security against the next time the police come banging on his door.
By Alyssa Hertig
Coindesk
Related stories: Nigerians Are Using Bitcoin to Bypass Trade Hurdles With China
Video - Nigerian returns bitcoins worth $80,000
Wednesday, August 26, 2020
Outspoken Atheist, Arrested in Nigeria for Blasphemy, Hasn’t Been Seen Since
Amina Ahmed knew her atheist husband was taking enormous risks with some of his Facebook posts criticizing Christianity and Islam in Nigeria, a deeply religious country.
She wanted him to be free to believe whatever he wanted. But she worried that if he kept up his commentary, the staunchly Muslim community he was born into would eventually retaliate.
“You should just calm down,” she remembers telling him. “They don’t care. They can just kill you and nothing happens.”
But her husband, Mubarak Bala, president of the Humanist Association of Nigeria, was not one to filter his words. On April 25, he logged on to Facebook again and typed a post calling the Prophet Muhammad a terrorist.
Three days later he was arrested by the state police after being accused of violating anti-blasphemy laws, which can carry a death sentence. He has not been seen since.
“We are concerned that he may be prosecuted under anti-blasphemy laws that provide for capital punishment in Nigeria,” wrote a group of United Nations experts who have called for his release.
Mr. Bala, 36, was arrested after lawyers in private practice in his conservative birthplace, the Muslim-majority city of Kano, complained about his Prophet Muhammad post to the police. Other nonbelievers are worried that these same lawyers are drawing up a list of other Nigerian atheists to be prosecuted and that more arrests may be coming.
The Nobel Prize-winning writer Wole Soyinka wrote that Mr. Bala’s arrest was part of a “plague of religious extremism” that has in recent decades encroached on the harmonious Nigeria he grew up in.
While it was Mr. Bala’s post on Facebook that led to his arrest, the social media site was also the platform where he and Ms. Ahmed met. She messaged him there after reading that his deeply religious family had locked him up in a psychiatric hospital when he first came out to them as an atheist. She, too, was from a staunchly Muslim family, and she was curious.
“I didn’t want to judge him,” she said in an interview. “I was just like — I want to hear his own side of the story.”
Growing up in Kano, Nigeria’s second-biggest city and an ancient center of Islamic learning in the country, Mr. Bala was from a highly respected family, descended from generations of Islamic scholars.
But as he got older, Mr. Bala came into contact with people outside Kano, and little by little he lost his faith. And as terror attacks increased in Nigeria, he became more vocal in his criticism.
“What finally made me come out as atheist was a video of a beheading of a female Christian back in 2013 by boys around my age, speaking my language,” he wrote in an article about his personal journey that was published in 2016. “It hit me that the time for silence is over. Either someone speaks out or we all sink.”
But even just speaking out to his close friends and family was dangerous. His father and elder brother thought he was sick, and got a doctor who believed that all atheists were mentally disturbed to admit him to a hospital. He was beaten, sedated and threatened with death if he tried to leave, he said.
Mr. Bala has yet to be officially charged with any crime, according to Leo Igwe, the founder of the Humanist Association of Nigeria. And in violation of a June court ruling, he has not been allowed to see his lawyer. There have been repeated delays in the legal proceedings, partly caused by Covid-19 restrictions. Calls to the police in Kano seeking comment went unanswered.
Mr. Bala is believed to be the first atheist arrested in Nigeria for blasphemy, but Muslims often fall afoul of the blasphemy laws in the Islamic legal system adopted 20 years ago by the country’s northern states.
This month, Yahaya Sharif Aminu, 22, a singer in Kano was found guilty of blasphemy and sentenced to death for circulating a song he had composed, which critics said elevated a Senegalese imam above the Prophet Muhammad. He was arrested in March after protesters burned down his family home.
There is also a blasphemy law under Nigeria’s nationwide customary legal system, which operates in parallel to Islamic and common law. Blasphemy under Islamic law can be punished by death — though such sentences are rarely carried out — while blasphemy under customary law carries a maximum sentence of two years.
It is still unclear under which of these laws Mr. Bala might be charged. But if charged under either legal system, his could be a watershed case since atheists previously had not been prosecuted on blasphemy charges.
Over a third of the 71 countries that have legislation against blasphemy, in violation of international human rights laws, are in Africa. Nigeria’s own blasphemy laws would seem to clash with its Constitution, which entitles every Nigerian to freedom of thought, conscience, and religion, and the right to freedom of expression.
Nigeria’s population is roughly split between Muslims and Christians.
Growing internet access and the worlds it can open up to people pose a threat to the power that many imams, clerics and bishops have traditionally enjoyed in Nigeria, according to Mr. Igwe.
“They are feeling jittery because they know they’re going to lose their power base, they’re going to lose their credibility,” Mr. Igwe said. “That’s why they want to do anything they can to silence Mubarak, or to make sure that nobody emulates him.”
Mr. Bala was living and working as an engineer in the city of Kaduna when he was arrested. But the police told Mr. Igwe that he had been taken 150 miles away to Kano.
Some say Mr. Bala’s arrest may have little to do with his atheism per se. Rather, he is being punished in ways a former Muslim from another part of Nigeria would not be because he very publicly turned against his prominent Kano family and his Hausa-Fulani Muslim community, the dominant ethnic groups in northern Nigeria.
“It’s perceived as an assault on Hausa-Fulani Muslim society and virtue, by one of them,” said Olufemi O. Vaughan, a professor focused on African, and particularly Nigerian, politics and society at Amherst College. “It’s not just simply a critique coming from an atheist.”
Professor Vaughan said Mr. Bala’s arrest should be seen in that context, not as an indication that attacks on atheists are about to escalate.
“There’s a personal dimension to this which is so tragic,” Professor Vaughan said. “He’s got a family, a wife and he’s got a baby. Just set him free.”
Ms. Ahmed gave birth to the couple’s first child six weeks before her husband was arrested. She has cried so much since then, she said, that she has strained her left eye. She is worried about her own safety.
Her efforts to find out where her husband was — petitioning Nigeria’s Senate, and traveling to the national Police Headquarters in the capital, Abuja — have yielded no information. Her expectations have shrunk over the past four months.
“I just need proof of life,” she said. “That is all.”
By Ruth Maclean
The New York Times
Related stories: Nigerian singer sentenced to death for blasphemy in Kano state
Wife of detained Nigerian humanist pleads for 'proof of life'
Wole Soyinka protests imprisonment of Nigerian humanist Mubarak Bala
Nigeria's undercover atheists
Nigerian sent to psych ward for being atheist released and now receiving death threats
She wanted him to be free to believe whatever he wanted. But she worried that if he kept up his commentary, the staunchly Muslim community he was born into would eventually retaliate.
“You should just calm down,” she remembers telling him. “They don’t care. They can just kill you and nothing happens.”
But her husband, Mubarak Bala, president of the Humanist Association of Nigeria, was not one to filter his words. On April 25, he logged on to Facebook again and typed a post calling the Prophet Muhammad a terrorist.
Three days later he was arrested by the state police after being accused of violating anti-blasphemy laws, which can carry a death sentence. He has not been seen since.
“We are concerned that he may be prosecuted under anti-blasphemy laws that provide for capital punishment in Nigeria,” wrote a group of United Nations experts who have called for his release.
Mr. Bala, 36, was arrested after lawyers in private practice in his conservative birthplace, the Muslim-majority city of Kano, complained about his Prophet Muhammad post to the police. Other nonbelievers are worried that these same lawyers are drawing up a list of other Nigerian atheists to be prosecuted and that more arrests may be coming.
The Nobel Prize-winning writer Wole Soyinka wrote that Mr. Bala’s arrest was part of a “plague of religious extremism” that has in recent decades encroached on the harmonious Nigeria he grew up in.
While it was Mr. Bala’s post on Facebook that led to his arrest, the social media site was also the platform where he and Ms. Ahmed met. She messaged him there after reading that his deeply religious family had locked him up in a psychiatric hospital when he first came out to them as an atheist. She, too, was from a staunchly Muslim family, and she was curious.
“I didn’t want to judge him,” she said in an interview. “I was just like — I want to hear his own side of the story.”
Growing up in Kano, Nigeria’s second-biggest city and an ancient center of Islamic learning in the country, Mr. Bala was from a highly respected family, descended from generations of Islamic scholars.
But as he got older, Mr. Bala came into contact with people outside Kano, and little by little he lost his faith. And as terror attacks increased in Nigeria, he became more vocal in his criticism.
“What finally made me come out as atheist was a video of a beheading of a female Christian back in 2013 by boys around my age, speaking my language,” he wrote in an article about his personal journey that was published in 2016. “It hit me that the time for silence is over. Either someone speaks out or we all sink.”
But even just speaking out to his close friends and family was dangerous. His father and elder brother thought he was sick, and got a doctor who believed that all atheists were mentally disturbed to admit him to a hospital. He was beaten, sedated and threatened with death if he tried to leave, he said.
Mr. Bala has yet to be officially charged with any crime, according to Leo Igwe, the founder of the Humanist Association of Nigeria. And in violation of a June court ruling, he has not been allowed to see his lawyer. There have been repeated delays in the legal proceedings, partly caused by Covid-19 restrictions. Calls to the police in Kano seeking comment went unanswered.
Mr. Bala is believed to be the first atheist arrested in Nigeria for blasphemy, but Muslims often fall afoul of the blasphemy laws in the Islamic legal system adopted 20 years ago by the country’s northern states.
This month, Yahaya Sharif Aminu, 22, a singer in Kano was found guilty of blasphemy and sentenced to death for circulating a song he had composed, which critics said elevated a Senegalese imam above the Prophet Muhammad. He was arrested in March after protesters burned down his family home.
There is also a blasphemy law under Nigeria’s nationwide customary legal system, which operates in parallel to Islamic and common law. Blasphemy under Islamic law can be punished by death — though such sentences are rarely carried out — while blasphemy under customary law carries a maximum sentence of two years.
It is still unclear under which of these laws Mr. Bala might be charged. But if charged under either legal system, his could be a watershed case since atheists previously had not been prosecuted on blasphemy charges.
Over a third of the 71 countries that have legislation against blasphemy, in violation of international human rights laws, are in Africa. Nigeria’s own blasphemy laws would seem to clash with its Constitution, which entitles every Nigerian to freedom of thought, conscience, and religion, and the right to freedom of expression.
Nigeria’s population is roughly split between Muslims and Christians.
Growing internet access and the worlds it can open up to people pose a threat to the power that many imams, clerics and bishops have traditionally enjoyed in Nigeria, according to Mr. Igwe.
“They are feeling jittery because they know they’re going to lose their power base, they’re going to lose their credibility,” Mr. Igwe said. “That’s why they want to do anything they can to silence Mubarak, or to make sure that nobody emulates him.”
Mr. Bala was living and working as an engineer in the city of Kaduna when he was arrested. But the police told Mr. Igwe that he had been taken 150 miles away to Kano.
Some say Mr. Bala’s arrest may have little to do with his atheism per se. Rather, he is being punished in ways a former Muslim from another part of Nigeria would not be because he very publicly turned against his prominent Kano family and his Hausa-Fulani Muslim community, the dominant ethnic groups in northern Nigeria.
“It’s perceived as an assault on Hausa-Fulani Muslim society and virtue, by one of them,” said Olufemi O. Vaughan, a professor focused on African, and particularly Nigerian, politics and society at Amherst College. “It’s not just simply a critique coming from an atheist.”
Professor Vaughan said Mr. Bala’s arrest should be seen in that context, not as an indication that attacks on atheists are about to escalate.
“There’s a personal dimension to this which is so tragic,” Professor Vaughan said. “He’s got a family, a wife and he’s got a baby. Just set him free.”
Ms. Ahmed gave birth to the couple’s first child six weeks before her husband was arrested. She has cried so much since then, she said, that she has strained her left eye. She is worried about her own safety.
Her efforts to find out where her husband was — petitioning Nigeria’s Senate, and traveling to the national Police Headquarters in the capital, Abuja — have yielded no information. Her expectations have shrunk over the past four months.
“I just need proof of life,” she said. “That is all.”
By Ruth Maclean
The New York Times
Related stories: Nigerian singer sentenced to death for blasphemy in Kano state
Wife of detained Nigerian humanist pleads for 'proof of life'
Wole Soyinka protests imprisonment of Nigerian humanist Mubarak Bala
Nigeria's undercover atheists
Nigerian sent to psych ward for being atheist released and now receiving death threats
Tuesday, August 25, 2020
Video - Concerns linger over Nigeria's plans to restart football
If everything goes according to plan, the new Nigerian Football League season is scheduled to start between late September and early October after the country's federation suspended and later cancelled the 2019-20 campaign. However, there are still concerns over whether the league will take off. CGTN's Deji Badmus has more.
More than 1,100 villagers killed in Nigeria this year: Amnesty
More than 1,100 people have been killed in rural areas across several states of northern Nigeria amid an alarming escalation in attacks and abductions during the first half of the year, according to Amnesty International.
"The Nigerian authorities have left rural communities at the mercy of rampaging gunmen who have killed at least 1,126 people in the north of the country since January," the London-rights group said in a new report on Monday, giving a figure until the end of June.
The killings, during attacks by "bandits" or armed cattle rustlers, and in clashes between herders and farming communities for access to land, have been recurrent for several years.
Amnesty said it had interviewed civilians in Kaduna, Katsina, Niger, Plateau, Sokoto, Taraba and Zamfara states, who reported living in fear of attacks and kidnappings.
The rights watchdog said villages in the south of Kaduna state were affected the most, with at least 366 people killed in multiple attacks by armed men since January.
"Terrifying attacks on rural communities in the north of Nigeria have been going on for years," said Osai Ojigho, director of Amnesty International Nigeria.
"The ongoing failure of security forces to take sufficient steps to protect villagers from these predictable attacks is utterly shameful," he added.
'Gross incompetence'
Amnesty blamed state authorities and the federal government for failing to protect the population.
Armed groups loot and set fire to villages and frequently kidnap people for ransom, apparently with no ideological motive. Many experts have recently warned against associating the attackers with armed groups active in the region.
President Muhammadu Buhari was elected in 2015 on a campaign promise to eradicate the armed group Boko Haram, which has killed tens of thousands since it launched an armed in northeast Nigeria in 2009.
Amnesty said most villagers complained of receiving little or no help from security officials, despite informing them prior or calling for help during attacks.
"During the attack, our leaders called and informed the soldiers that the attackers are in the village, so the soldiers did not waste time and they came but when they came and saw the type of ammunitions the attackers had they left," a witness to an attack in Unguwan Magaji in southern of Kaduna was quoted as saying by Amnesty.
"The following morning so many soldiers came with their Hilux pick-up trucks to see the dead bodies."
Ojigho decried reported abuse of civilians who asked for more official help and protection.
"In their response to these attacks, the Nigerian authorities have displayed gross incompetence and a total disregard for people's lives," he said. "Arresting people who dare to ask for help is a further blow."
The escalating violence has forced many farmers and their families from their homes while thousands could not cultivate their farms during the 2020 rainy season because of fear of attacks or abduction, according to Amnesty.
It said that in Katsina state, at least 33,130 people were living in displacement camps, while others have headed to urban areas to stay with relatives.
Al Jazeera
"The Nigerian authorities have left rural communities at the mercy of rampaging gunmen who have killed at least 1,126 people in the north of the country since January," the London-rights group said in a new report on Monday, giving a figure until the end of June.
The killings, during attacks by "bandits" or armed cattle rustlers, and in clashes between herders and farming communities for access to land, have been recurrent for several years.
Amnesty said it had interviewed civilians in Kaduna, Katsina, Niger, Plateau, Sokoto, Taraba and Zamfara states, who reported living in fear of attacks and kidnappings.
The rights watchdog said villages in the south of Kaduna state were affected the most, with at least 366 people killed in multiple attacks by armed men since January.
"Terrifying attacks on rural communities in the north of Nigeria have been going on for years," said Osai Ojigho, director of Amnesty International Nigeria.
"The ongoing failure of security forces to take sufficient steps to protect villagers from these predictable attacks is utterly shameful," he added.
'Gross incompetence'
Amnesty blamed state authorities and the federal government for failing to protect the population.
Armed groups loot and set fire to villages and frequently kidnap people for ransom, apparently with no ideological motive. Many experts have recently warned against associating the attackers with armed groups active in the region.
President Muhammadu Buhari was elected in 2015 on a campaign promise to eradicate the armed group Boko Haram, which has killed tens of thousands since it launched an armed in northeast Nigeria in 2009.
Amnesty said most villagers complained of receiving little or no help from security officials, despite informing them prior or calling for help during attacks.
"During the attack, our leaders called and informed the soldiers that the attackers are in the village, so the soldiers did not waste time and they came but when they came and saw the type of ammunitions the attackers had they left," a witness to an attack in Unguwan Magaji in southern of Kaduna was quoted as saying by Amnesty.
"The following morning so many soldiers came with their Hilux pick-up trucks to see the dead bodies."
Ojigho decried reported abuse of civilians who asked for more official help and protection.
"In their response to these attacks, the Nigerian authorities have displayed gross incompetence and a total disregard for people's lives," he said. "Arresting people who dare to ask for help is a further blow."
The escalating violence has forced many farmers and their families from their homes while thousands could not cultivate their farms during the 2020 rainy season because of fear of attacks or abduction, according to Amnesty.
It said that in Katsina state, at least 33,130 people were living in displacement camps, while others have headed to urban areas to stay with relatives.
Al Jazeera
Monday, August 24, 2020
Nigeria Economy Falls By the Most in a Decade
Nigeria’s economy contracted the most in at least a decade in the second quarter as the crash in oil prices and the global fallout from Covid-19 hit output.
Gross domestic product shrank 6.1% in the three months through June from a year earlier, compared with growth of 1.87% in the previous quarter, the Abuja-based National Bureau of Statistics said on its website on Monday. The median estimate of six economists in a Bloomberg survey was for a 4.05% drop in output. Quarter on quarter, real GDP decreased by 5.04%.
Oil production fell to 1.81 million barrels a day from 2.07 million barrels in the previous three months. That’s the lowest since the first quarter of 2017, which was the last time Africa’s largest economy contracted.
Crude contributes less than 10% to Nigeria’s GDP, but it accounts for about 90% of foreign-exchange earnings and half of government’s revenue. That means the plunge in oil prices in the wake of the coronavirus pandemic, which hit as the economy’s recovery from a 2016 slump was still gaining traction, have emptied coffers
Still, the drop in output was wider than just crude. The oil sector contracted by 6.6% from year earlier and the non-oil sector shrank by 6.05%, the first decline in non-oil GDP since the third quarter of 2017.
Nationwide Shutdown
“The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the Covid-19 pandemic,” the statistics office said.
The outlook for the economy remains fragile. The International Monetary Fund sees Nigerian GDP shrinking 5.4% this year, its biggest contraction in nearly 40 years.
“Macro headwinds -- depressed oil prices, a slow pickup in global trade, a strong dollar supported by the Fed -- along with local structural inefficiencies, will continue to batter the Nigerian economy,” Ikemesit Effiong, head of research at Lagos-based SBM Intelligence, said before the release.
What Bloomberg’s Economist Says
“We expect the economy to contract again in 3Q, but at a slower rate than 2Q. The above target oil production in April-June, though, mean steeper production cuts will be required in August and September in order to reach full OPEC compliance. At the same time, a weaker naira and ongoing foreign-exchange restrictions will continue to weigh on growth in the non-oil sector.”
Bloomberg
Gross domestic product shrank 6.1% in the three months through June from a year earlier, compared with growth of 1.87% in the previous quarter, the Abuja-based National Bureau of Statistics said on its website on Monday. The median estimate of six economists in a Bloomberg survey was for a 4.05% drop in output. Quarter on quarter, real GDP decreased by 5.04%.
Oil production fell to 1.81 million barrels a day from 2.07 million barrels in the previous three months. That’s the lowest since the first quarter of 2017, which was the last time Africa’s largest economy contracted.
Crude contributes less than 10% to Nigeria’s GDP, but it accounts for about 90% of foreign-exchange earnings and half of government’s revenue. That means the plunge in oil prices in the wake of the coronavirus pandemic, which hit as the economy’s recovery from a 2016 slump was still gaining traction, have emptied coffers
Still, the drop in output was wider than just crude. The oil sector contracted by 6.6% from year earlier and the non-oil sector shrank by 6.05%, the first decline in non-oil GDP since the third quarter of 2017.
Nationwide Shutdown
“The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the Covid-19 pandemic,” the statistics office said.
The outlook for the economy remains fragile. The International Monetary Fund sees Nigerian GDP shrinking 5.4% this year, its biggest contraction in nearly 40 years.
“Macro headwinds -- depressed oil prices, a slow pickup in global trade, a strong dollar supported by the Fed -- along with local structural inefficiencies, will continue to batter the Nigerian economy,” Ikemesit Effiong, head of research at Lagos-based SBM Intelligence, said before the release.
What Bloomberg’s Economist Says
“We expect the economy to contract again in 3Q, but at a slower rate than 2Q. The above target oil production in April-June, though, mean steeper production cuts will be required in August and September in order to reach full OPEC compliance. At the same time, a weaker naira and ongoing foreign-exchange restrictions will continue to weigh on growth in the non-oil sector.”
Bloomberg
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