As the third wave of global crisis of capitalism is approaching – the first and second waves being respectively the sub-prime housing and European sovereign debt crises – the so-called emerging and developing economies are entering deeper into economic, political and economic crisis. Nigeria connects to this global crisis through the mechanism of the global crude oil glut and collapsing commodity prices.

After sixteen years in power, the PDP has finally been removed by the Nigerian masses. This is a direct consequence of the mass movement that erupted in January 2012. Buhari has been elected by enthusiastic masses in the hope that he will provide real change. But his programme remains one of continuation of privatisations and sell-offs. It will not be long before the Nigerian masses realise this from their own living experience.

With the oil price below $60 per barrel and with the significant collapse of Nigeria’s oil market as a result of the US’s zero importation from Nigeria since July 2014, it is clear that the Nigerian economy is facing a serious crisis. This situation has been made even more serious by the fact that the crisis comes at a time when Nigeria’s foreign reserves stand at less than $34billion.

Join us!

Help build the forces of Marxism worldwide!

Join the IMT!