Is the Arab Spring Coming To Nigeria Courtesy of the Dying Monetarist System?
January 8, 2012 • 9:51AM

Nigerians woke up on January 1, the first day of the New Year, to find that the price of imported refined petroleum-gasoline, had more doubled to approximately $3.50 per gallon, rising from naire65 to naire141 per liter ($1 is approximately 150 naire), by the government's removing fuel subsides. This has understandably and predictably led to demonstrations across Nigeria, and may lead to an escalation of activity against the newly elected Presidency of Goodluck Jonathan (May 2011). This price increase demanded by the International Monetary Fund, and World Bank, which sit in Nigeria's capital, Abuja, controlling the country's finances, is a direct attack on the people of Nigeria, and is intended to destabilize Africa's most populous nation, with 160 million people. "Nigeria's Subsidies: End Them At Once!" demanded London's Economist, in its Dec. 31, 2011. The Economist's headline continued: "The president will be brave man if he fulfils his promise to end cheap petrol."

A lower-subsidized price for fuel is the only tangible benefit that the impoverished Nigerian population receives from Nigeria's huge oil reserve—the largest in Africa. Dr. Ngozi Okonjo-Iweala, Nigeria's falsely heralded Finance Minster, who spent over 20 years at the World Bank and became a Managing Director, before returning to Nigeria as Minister of Finance for a second time, and as Coordinator of the President's Economic Team, claims that the $7 billion saved by eliminating fuel subsidies will be "invested in infrastructure," which is simply not believable. For many years various Nigerian governments have threatened to take this action, alleging that subsidies do not help the economy, but implementing these cuts at this time, when the world is suffering from the greatest economic collapse in centuries, and when President Jonathan has just imposed emergency police measures in four states and 15 municipalities in response to Boko Haram, leaves one with only one conclusion: The long-held British desire to break up Nigeria has been reactivated. However unlike splitting up Sudan in two, which has worsened conditions for both countries, North and South Sudan, if the nation of Nigeria were broken apart it will be, in the words of one African leader, "a tsunami for the continent."

Britain's Royal Dutch Shell has been at the center of political-economic life of Nigeria for over a half-century, essentially taking over after the formal exit of the British following independence in 1960, establishing its own parallel government inside the nation of Nigeria. Africans across the continent had great hopes and dreams for Nigeria to be its leading nation, which never materialized, thanks to the control by the City of London financial predators, which looted and corrupted this potential giant of Africa. The very fact that Nigeria, which pumps out over 2 million barrels of oil per day, has four oil refineries that don't work, gives a clue to how the country has been kept from developing. Importing almost all of Nigeria's gasoline by purchasing it on the spot market has produced a wealthy mini-oligarchy class inside Nigeria, alongside the oil wealth of Royal Dutch Shell etc., creating an environment of rampant corruption.