From a Culture of Corruption to Fresh Democracy and Financial Responsibility, Nigeria Sees Change

While countries all over Africa have struggled with corrupt regimes, financial mismanagement, and desperate poverty sometimes in the face of government profits from natural resources such as oil or diamonds, Nigeria, known for such problems and the resulting Internet scams and other attempts to seek funds overseas, has taken a major step in cleaning its financial house. As the current government passes the reins to the next, they are also handing over an improving credit rating - until recently, the country didn't even have one with the major credit rating companies - and settlement of most of the country's debts, some by debt forgiveness, and a considerable amount through allocation of Nigerian oil revenues.

The country has had military rule for decades, in which corruption was a way of life. The upcoming handover of power from one elected ruler to another will be the first since independence in 1960. Umaru Yar'Adua, the man favored to win the election in which dozens of candidates have been banned from running due to indictments for corruption, plans to be "in the office as a worker," according to Reuters, and no different from his countrymen and women.

Current reforms by the finance minister will make Nigeria more attractive for foreign investors, and, as Africa's top oil producing country, government reforms instituted by the current president are paving the way to extend help to the nation's 140 million people, many of whom live in poverty.