Nigeria’s emerging economy is challenged by old-style politics

Nigerian business leaders may bask in the nation’s inclusion (with Mexico, Indonesia and Turkey) among the ‘Mint’ economies, predicted by Brics creator Jim O’Neill of Goldman Sachs to lead the next generation of emerging markets. That status will be confirmed if, as expected, Nigeria overtakes South Africa as Africa’s largest national economy. Optimism has been reinforced by the promise of initiatives such as the 2013 privatisation of electricity assets, much of it funded from local capital markets. But there are still plenty of issues to give rise to concern, even when security concerns in the north and Niger Delta are discounted.