Africa: The Nigerian Millionaires

Along with pride in status and problems of self-government, independence for the 31 nations of black Africa means the emergence of black businessmen. A few flourish on cottage industries, that early stage of every economy; some are the opportunistic agents of the colonial companies that formerly ruled them. Now, however, more of Africa's new businessmen are not only university-trained and experienced but surprisingly sophisticated in trade and finance. In Equatorial Africa, it is no longer unusual to see a $200,000 letter of credit emerging from the folds of a native robe. Nowhere is the new African...