Nigeria rising

Nigeria has paid off its Paris Club debt and will undoubtably pay off its World Bank debt in the next few years. This is very exciting as it will give us a chance to see whether debt is a truly limiting factor. Nigeria is an anomaly however because it holds great oil wealth and has produced some sustainable growth despite large debts. I shall watch the proceedings with great interest. I only hope President Obasanjo does not rewrite the constitution to run for a 3rd term. The consequences can only be bad.