Last week, Nigeria’s Senate passed President Muhammadu Buhari’s proposed 2016 budget, which projected a deficit of $15 billion due to falling oil prices. In an email interview, Matthew Page, an international affairs fellow at the Council on Foreign Relations, discussed the impact of falling oil prices on Nigeria’s economy and politics.
Africa’s largest economy is struggling to find its feet. Sliding oil prices threaten to derail President Muhammadu Buhari’s efforts to put Nigeria’s public finances back in order, fund planned infrastructure spending, and field much-needed social programs.
or decades, Nigeria’s state oil company, the Nigerian National Petroleum Corporation (NNPC) has been the leading symbol of official corruption and a seemingly boundless source of political patronage. Faced with plummeting global oil prices and dwindling state coffers, president Muhammadu Buhari cannot afford to allow the NNPC, under a veneer of reform, to operate much as it did before.
Under President Muhammadu Buhari, the fight against corruption in Nigeria has unquestionably turned a corner. Shortly after taking office in May, he vowed to “plug revenue leakages”, made sweeping changes in the notoriously corrupt Nigerian National Petroleum Corporation (NNPC), and took steps to tighten control over public spending.
The spotlight is on Nigeria's new president as he tries to tackle a vicious insurgency and steep economic problems but the crucial actors in trying to stabilize Africa's most populous country are at the state level, writes CFR's Matthew Page.
This report was released on December 17, 2015. The report reviews how the United Nations responded to allegations of peacekeepers sexually abusing children in the Central African Republic in the spring of 2014.
Over the past two decades the eastern provinces of the Democratic Republic of the Congo have experienced fighting that has killed more than five million people. As the eastern Congo struggles to overcome years of regional war, its hard-won progress remains at risk.
The eastern Congo has been ravaged by foreign invasions and homegrown rebellions that have killed and displaced millions. A fragile peace process seeks to bring stability to central Africa, but its hard-won gains remain at risk.
President Muhammadu Buhari, who was inaugurated May 29, is the antithesis of the stereotypical Nigerian politician: incorruptible, soft-spoken, self-effacing and deliberate. He embraces the nickname “Baba Go-Slow and Steady.” Buhari’s unhurried style has its downsides, however: It took him an unprecedented four months to name a solid but unextraordinary cabinet.
When Barack Obama was elected U.S. president in 2008, the news was greeted with enormous hope in sub-Saharan Africa, as well as among the small coterie of Americans who follow the region closely. This son of a Kenyan father would not only understand the continent better than his predecessors in the White House, the thinking went, but he would also treat it as a strategic priority and direct more resources its way.
This resolution was adopted on July 28, 2015, and extends the length of the UN Assistance Mission in Somalia (UNSOM) until March 30, 2016. One reason for the extension is for UNSOM to help monitor the 2016 electoral process in Somalia.
Learn more about CFR’s mission and its work over the past year in the 2016 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »