Rain at this time of year is expected to drown Lagos with the force of well-regulated seasons. But the showers falling softly over the historic old quarter, along Broad Street, just seem good at forming a bit of smelly mud in the lanes. The climate is not the only one to give the impression of being out of order. Activity in the textile market in Nigeria’s economic capital is also disrupted.
In his “senator” suit with clean folds, which he wears with elegance from Dubai to China, where he supplies wholesale fabrics, Godwin Chiaha is not losing his temper. At 47, he has already spent most of his life in these stores cluttered with floor-to-ceiling fabrics. Its specialty is lace made in sparkling materials, intended for the manufacture of dresses for women who do not seek discretion. Usually, he sells 1,000 yards (nearly 1 kilometer) per day of these colorful fabrics at home. “Today, if I sell 200 yards, I praise the Lord”he said.
Two factors are hitting the activity of Nigeria’s economic capital hard: on the one hand, the fall of the currency, the naira, artificially maintained at a high official rate until the beginning of the year by the previous administration, but also the measures taken by the new president, Bola Tinubu, upon taking office in May, leading to the elimination of petrol subsidies in Nigeria. The combination of these two elements plunges the most populous country in Africa (220 million inhabitants) into an acute crisis, at the moment when a risky military action is mentioned. Nigeria says it is ready to be the pillar of a military force, within the framework of the Economic Community of West African States (ECOWAS), intended to intervene in neighboring Niger, in order to restore Mohamed to power there. Bazoum, the head of state overthrown on July 26 by the presidential guard and kidnapped since, in his residence in Niamey, by the putschists.
24% inflation
The continent’s leading oil exporter, endowed with the region’s leading army, Nigeria is also reviving its dream of power by posing as a defender of democracy, while the country, so long dominated by generals, is led by a civilian power since 1999. Twenty-four years later, the West African giant looks sicker than he himself can admit. It is not certain that the war that Nigeria should wage as a priority is that against the putschists in Niamey, while jihadist groups, armed gangs or separatists continue to rage in several parts of the country and the population, distraught by the race towards the abyss of the economy, seems to regard the intervention as a risky adventure.
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