Nigeria, After Leader Vacuum, Names Cabinet (Goldman Partner named Finance Minister)

[naaman fletcher]

LAGOS, Nigeria—The Nigerian Senate confirmed acting President Goodluck Jonathan's 38 cabinet nominees Wednesday, including a managing director of Goldman Sachs' London office, effectively sealing Mr. Jonathan's place at the helm of Africa's second-biggest economy.

The cabinet overhaul provides further stability to Nigeria, which was left largely rudderless since ailing President Umaru Yar'adua fell out of public view in November and spent 2½ months out of the country for medical treatment. Vice President Jonathan's appointment as acting president in February was initially resisted by those close to Mr. Yar'adua, who returned to Nigeria later in the month.

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http://online.wsj.com/article/SB10001424052702303601504575153991710461112.html?mod=googlenews_wsj

Look for Nigeria to boom for the next 3-4 years as the Nigerian miracle economy grows at a high rate. This will be followed by glowing stories in the Wall Street Journal. However, after that expect it to crumble into total chaos as it turns out most of the "growth" was just debt capital being plowed into the economy and now the debt has come due.