Word: nigerias
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Like the greedy little boy whose eyes were bigger than his stomach, oil-rich Nigeria, thanks to a colossal spending binge, is in one dreadful financial mess. The most visible sign of it was outside Apapa, port for the capital city of Lagos. Last week no fewer than 406 ships of all shapes and sizes were backed up waiting their turn for dock space. At least one vessel has been stuck outside Apapa since last February. Maritime experts call it the worst shipping jam in modern history...
Ngozi Okonjo '76 has a unique vantage point because while she is black, she is not an American--she's from the town of Ogwashi-Uku in Nigeria...
...things were looking pretty grim for Walter Hesford, a graduate student in American literature who'd just finished up a 516-page thesis on Thoreau. Hesford had started looking for a teaching job almost two years before, but so far almost 100 letters to schools as far away as Nigeria had managed to turn up only a thick stack of rejections. The months dragged on, and Hesford conscientiously saved his rejection letters, took to drinking paper cupfuls of Mogen David wine during undergraduate tutorials and waited for Commencement. Then came a break--an offer from Birzelt College in Israeli-occupied...
...staggering rises in the cost of fuel and food, the developing countries have split into two categories: those, that can generate wealth by exporting natural resources and those desperately poor countries that still have to import both oil and food grains. Thus oil has transformed nations like Iran, Venezuela, Nigeria and the Arab sheikdoms into a kind of plutocracy of the poor. Countries like Zaire and Zambia (copper), Morocco (phosphates) and Malaysia (rubber) also gained large amounts of foreign exchange. Still a third group, including South Korea, Singapore, Brazil and Mexico, exports enough manufactured goods to cushion the impact...
...reveal who got their political payments and to agree not to make any more. Some have complied, others are resisting. Last week Ashland Oil Inc. argued that securities laws do not require public disclosure of the recipients of questionable payments that the company says it has made in Nigeria, Gabon, Libya and the Dominican Republic. Ashland has already supplied the names...