The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Has Nigeria turned the corner?

Nigeria’s economic reforms have been impressive. But after the resignation of a key figure in the country’s turnaround, can they be made to stick? Rupert Wright reports from Abuja and Lagos.

Esther Nenadi Usman has taken full control of Nigeria’s finance ministry. Can she maintain relations with Paul Wolfowitz and the World Bank?
Esther Nenadi Usman has taken full control of Nigeria’s finance ministry. Can she maintain relations with Paul Wolfowitz and the World Bank?

DISRUPTION AND WARFARE in the Middle East continue to push up oil prices, but oil producers’ association Opec has protested that it wants lower oil prices. Nigeria is an Opec member but it draws 75% of its GNP and 95% of its exports earnings from oil, so it would be a cavalier finance minister that did not want to get the maximum revenue from its prime asset. Not that oil and gas prices are all that are troubling officials at Nigeria’s finance ministry at the moment. They are probably more concerned with internal politicking. The first event to rock the ministry came in June, when former World Bank vice-president Ngozi Okonjo-Iweala was moved from her role as finance minister to become foreign minister. It was she who secured a Paris Club debt deal in October 2005 that included the cancellation of $30 billion of Nigeria’s debt, Africa’s biggest-ever debt forgiveness.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree