Via the Economist

THE shelves of the Visible Difference corner-shop are half empty, where once they were weighed down with oil, biscuits and soap. Yusuf Hassan, who has proudly run this little business in the northern Nigerian city of Kano for two decades, stands forlornly in front of them. “Everything is so expensive now,” he says with quiet frustration. “I almost closed the shop. I have had to borrow money just to pay rent.”

The economy soon to be inherited by Muhammadu Buhari, who was elected this week as Nigeria’s president, is in a bad state. It is Africa’s biggest, with huge reserves of hydrocarbons, an attractive market of 170m people and a fast-growing services sector. But its continued dependence on oil is a big problem. The resource still accounts for 95% of foreign earnings and two-thirds of government revenue. Since June prices have declined by half, draining coffers and highlighting the failure of the outgoing government to save during the boom years. Read more here.