Last Tuesday, Nigeria’s central bank devalued the country’s currency by 10 percent in an effort to shore up foreign reserves hard-hit by falling oil prices. The move comes months before a presidential election and highlights the country’s vulnerability to the price of oil, which makes up 70-80 percent of the Nigerian government’s revenue. With Brent crude hitting a four-year low of $77.83 per barrel in early November, Nigeria, Africa’s largest oil producer, is feeling the pinch. Government coffers are emptying, and construction companies and other employers have begun to lay off workers. As oil prices could remain low for 2015, [...]
Chinese investment and engagement now touches almost every aspect of Africa’s economy, including infrastructure, transport and logistics, trade, manufacture, agriculture, telecommunications and, of course, resource extraction. Because of the vastness of this engagement, commentators frequently fall back on catchall concepts, including an assumption that Africa is essentially passive in this relationship. The reality is much more complicated. Instead of simply imposing Chinese approaches on African realities, Chinese actors frequently try to attain their goals by partially adapting to specific African systems, with varying degrees of success. This article provides examples of this process by looking at China’s relationships with three [...]
Earlier this month, while Brazilian President Dilma Rousseff rubbed shoulders with other global leaders at the G-20 summit in Australia, her justice minister, Jose Eduardo Cardozo, announced the arrest back in Brazil of 15 people for arranging kickbacks on contracts from state-owned oil company Petrobras. Shortly after hearing the news, two more executives from a major Sao Paulo construction company turned themselves in to police. The second round of the corruption investigation known as Operation Carwash was underway, and by Nov. 16, 23 people would be arrested, including Renato Duque, former head of services at Petrobras. As word of the [...]
