The AIAC Podcast

Origins of the scam

The AIAC Podcast

Show Notes

Africa is a Country is happy to announce our new collaboration with The Nigerian Scam podcast, which focuses on examining how episodic iterations of audacious fraud in Nigerian history and contemporary politics intertwine with the ongoing struggle for African independence in the intricate web of global capitalism. In the first syndicated episode, Sa’eed Husaini, OAG, and Emeka Ugwu consider the uses and abuses of centering “the scam” as a tool for understanding the failures of independence and the emergence of capitalism in Nigeria. Why did Nigeria come to be associated with the classic internet scam, a.k.a. “yahoo-yahoo” (among other fraudulent activities)? To what extent can the phenomenon of fraud in Nigeria be neatly separated from “legitimate” forms of capital accumulation, such as in the oil sector, the music industry, or Nollywood? Is Nigeria’s case really unique, or is it a slight variation of the failures of petty bourgeois-led independence movements in Africa? Sa’eed is a research fellow at the Center for Democracy and Development in Abuja, and a regional editor for Africa Is a Country. OAG is a food security management postgraduate with a passion for revolutionary politics and discourse who lives in Hull, UK, and Emeka is a Lagos-based book critic/co-founder of Wawa Book Review. He is also a data analyst.

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Discussions about ongoing attempts to move beyond the US dollar as the hegemonic currency of world trade often focus on the official policies of nation-states. Frequently referenced in such debates, for instance, are attempts by central banks to issue digital currencies, the recently mooted BRICS currency, and various measures taken by countries in the Global South to hold larger shares of their foreign reserves in currencies other than the dollar. But what is often missing from these conversations are the perspectives and practical considerations of citizens who interact with multiple currencies by necessity or by choice —whether through trade, remittances, or other forms of cross-border exchange. To what extent is de-dollarization already a practical outcome of increasing Africa-China trade? Are Igbo importers of Chinese-made goods at the vanguard of a multi-currency fluency which nation-states will ultimately have to adopt? The Nigerian Scam explores these issues on the most recent Africa Is a Country podcast through a conversation with Dr. Jing Jing Liu, focused on her recently published study “Decentering the Dollar in Africa–China Trade: How Nigerian Entrepreneurs Navigate Currency Swaps and Digital Currencies in an Era of USD Hegemony and RMB Internationalization.”

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