Word: nigerias
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...businessmen are not only university-trained and experienced but surprisingly sophisticated in trade and finance. In Equatorial Africa, it is no longer unusual to see a $200,000 letter of credit emerging from the folds of a native robe. Nowhere is the new African businessman doing better than in Nigeria, black Africa's most populous and most prosperous nation. With a population of 55 million and an economy that grows 4% each year, the number of Nigerian millionaires is growing almost as fast as the country itself...
...rinderpest is done for in Nigeria; U.S.-supplied vaccine, shot into 10 million cows, saw to that. In Peru, courtesy of U.S. taxpayers, 500,000 school kids get a glass of milk each morning. Fishermen in Kenya are content: the U.S. gave them new boats so they could catch fish twice as fast, and now they only work half as long. But oops! That $2.6 billion sent to Yugoslavia seems to have sunk without a trace. In Jordan a dike that cost the U.S. close to $1,000,000 meanders across the flinty desert for dozens of miles, waiting...
...whole venture has cost $110 billion in aid to 100 countries. Right now, 72 countries are slated for U.S. aid, but 95% of it will go to only 31 of them and 74% of all development loans will go to only seven-Brazil, Chile, Nigeria, Tunisia, India, Pakistan and Turkey. Yet even after two decades as a developer, teacher, influence buyer and underwriter, the U.S. still gets surprised in the way aid programs work out. Some triumphs and failures from the ledger...
...their "learned friend" across the way. The contrasts, vividly symbolic of Africa in the 1960s, were underlined by the subject of the proceedings: a federal investigation of the Owegbe cult, accused of using juju (magic) to try to overthrow the government of the Mid-Western province, smallest of Nigeria's four regions...
Bitter Sugar. Hit hardest are the producers of cocoa, which dropped 45% this year to a postwar low of 120 a Ib. in mid-July, and has rebounded only 10 since then. Brazil, Cameroon, Togo and the Ivory Coast have been hurt, and Nigeria is paying its cocoa growers partly with promissory notes instead of money. Worst battered is Ghana, where cocoa produces 60% of the national income. Because of the price drop and Dictator Kwame Nkrumah's overly ambitious development schemes, the country is struggling with the severest economic crisis in its eight-year history. Factories in Accra...