Africa

Having urged "don't panic" just 4 short months ago, it appears Nigeria just did just that as the global dollar short squeeze forces the eight-month-old government of President Muhammadu Buhari to beg The World Bank and African Development Bank for $3.5bn in emergency loans to help fund a $15bn deficit in a budget heavy on public spending amid collapsing oil revenues. Just as we warned in December, the dollar shortage has arrived, perhaps now is time to panic after all.

One of the charms of the future is its powerful element of unpredictability, its ability to ambush us in lovely ways or bite us unexpectedly in the ass. Most of the futures I imagined as a boy have, for instance, come up deeply short, or else I would now be flying my individual jet pack through the spired cityscape of New York and vacationing on the moon. And who, honestly, could have imagined the Internet, no less social media and cyberspace (unless, of course, you had read William Gibson’s novel Neuromancer 30 years ago)?

Back in September, we brought you “Meanwhile, In Burkina Faso: Images From A West African Military Coup.”

In it, we documented renewed turmoil in the landlocked country which is Africa’s fourth-largest gold producer.

As China expands its military and economic influence in Africa, the United States should feel “very nervous,” according to journalist James Poulos. China is planning to build a military base on the horn of Africa in Djibouti. It could be the first step toward Beijing’s deeper involvement with the continent. Sputnik reports: Last year, China began talks with Djibouti to install a “logistics hub” and airfield in the east African nation.

Just two weeks ago we warned of the looming "hyperinflation monster" in Africa with the continent appearing to be running out of dollars as some of Africa’s largest economies, including Nigeria, Angola, Ethiopia and Mozambique, are restricting access to the greenback to protect dwindling reserves. Specifically we warned of Angola's already-soaring inflation hampering its ability to 'adjust' its currency towards its black market 'reality'.