What do Nigeria's recent kidnappings and bombings spell for foreign investment?
The World Economic Forum (WEF) event that kicked off today, May 7, in Nigeria鈥檚 capital Abuja presents a high-stakes test for Africa鈥檚 largest economy as its security forces struggle to deal with a spate of car bombings and a highly publicized mass kidnapping.
A major attack during the event would shake investor confidence in Nigeria, says our correspondent in Abuja. The capital has already been roiled by this week鈥檚 peaceful demonstrations over the government鈥檚 inability to find more than 200 girls kidnapped from a school in the country鈥檚 northeast.
Meanwhile, fears are growing that Boko Haram, the Islamist extremist group that has claimed responsibility for the abduction, will carry out a third car bomb attack in the capital. The group took responsibility for twice bombing a bus station in the past few weeks, and Boko Haram Leader Abubakar Shekau has vowed to strike again. An attack during the summit would majorly rattle Nigeria鈥檚 reputation internationally.
鈥淲hen Boko Haram makes a threat, they usually make good on those threats,鈥� our correspondent says. 鈥淪o if [Shekau] says there will be more car bombs, there probably will be.鈥�
This WEF meeting is focused specifically on Africa, and will attract a who鈥檚 who of world leaders, including the heads of state of Kenya, Ghana, Mali, Rwanda, Togo, and Senegal, as well as Chinese Premier Li Keqiang. The summit comes on the heels of Nigeria officially becoming Africa鈥檚 largest economy after rebasing its gross domestic product in April.
But the five-year struggle against Boko Haram is beginning to wear on investor enthusiasm in the country.... For the rest of the story, continue reading at our new business publication聽
