Bankers welcome
Socialist Organiser1984 1984-01-05Read it in the scan (PDF), scan page 7 →
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THE coup in Nigeria on Saturday 31st was the fourth act in a drama which started in 1981.
Nigeria depends on oil for 95% of its exports and 80% of its government revenue.
Since 1973, and especially since 1979, the big capitalist economies have done a lot to cut back their consumption of oil and to diversify their sources. Then came the world slump of 1979-82. Result: stagnation of oil prices, a decline in demand.
The results for Nigeria were disastrous. Oil revenues have slumped to less than half the level of 1981: while they are likely to stabilise now, they are not going to leap back to their previous levels.
Payments for imports are in serious arrears. Practically coup every capital project in the country has been halted or seriously cut back. Talks have been going on with the IMF since April last year. Food imports for the rapidly-growing urban population have been cut back, leading to drastic price increases. In many areas government employees have not received wages for months at a time.
Act 2 of the drama was the brutal expulsion of 1½ million migrant workers in January-