Lesson from Nigeria: Discovery of a natural resource by a country without good governance is a curse

September 22, 2014  

The Nigerian news that shocked the world
During the last 12 month period, three pieces of news coming from Nigeria shocked the world.
The first was the sacking of the Nigeria’s Central Bank Governor, Lamido Sanusi, by Nigeria’s President Goodluck Jonathan in February 2014 (available at: http://www.nytimes.com/2014/02/21/world/africa/governor-of-nigerias-central-bank-is-fired-after-warning-of-missing-oil-revenue.html?_r=0 ). His crime: Warning the government that billions of dollars in oil revenue due to the Treasury had been stolen at the Nigerian National Petroleum Corporation or NNPC. Thus, his hint was that culprits who had committed this theft had been associates of the incumbent President.

Lesson From Nigeria Discovery of a Natural Resource by a Country Without Good Governance is a Curse by Thavam