At this time of year, Lagos should be drowning in rain. But the tepid showers falling lightly on the historic old quarter along Broad Street are barely enough to leave mud in the alleys. But this intemperate weather is not the only sign that things are out of balance. It isn't business as usual at the textile market in Nigeria's economic capital either.

In his neatly ironed suit, which he wears from Dubai to China, where he buys wholesale fabrics, Godwin Chiaha was furious. At 47, he has already spent most of his life in these stores crammed with fabrics from floor to ceiling. His speciality is lace made from glittering materials, used to make dresses for women who want to make a statement. He used to sell 1,000 yards (almost one kilometer) of these colorful fabrics every day. "Today, if I sell 200 yards, I praise the Lord," he said.

Two factors are hitting businesses in Nigeria's hard. On the one hand, the fall in the currency, the naira, artificially maintained at a high official rate until the beginning of the year by the previous administration, and on the other, measures taken by the new president, Bola Tinubu, as soon as he came to power in May, resulting in the abolition of gas subsidies in Nigeria.

The combination has plunged Africa's most populous country (220 million inhabitants) into an acute crisis, at a time when risky military action is being considered. Nigeria has said it is ready to be the mainstay of a military force, within the framework of the Economic Community of West African States (ECOWAS), designed to operate in neighboring Niger. The aim would be to restore to power President Bazoum, the head of state who was overthrown on July 26 by the presidential guard and has since been held captive in his Niamey residence by the coup leaders.

Inflation 24%

As the continent's leading oil exporter, equipped with the region's largest army, Nigeria is rekindling its dream of power by posing as a defender of democracy. The country, previously long dominated by generals, has been ruled by a civilian government since 1999. But 24 years on, the West African giant appears to be worse off than it is willing to admit. The war Nigeria should be waging first and foremost is not necessarily the one against the Niamey coup leaders. Jihadist groups, armed gangs and separatists continue to plague various parts of the country, and the population, distraught by the economy's race to the abyss, seems to regard intervention as a risky venture.

Ten years ago, Nigeria aspired to embody the transformation of the African continent. Since then, it has looked more like a sick giant. At the market in Lagos, big ideas are not the order of the day, but rather the harshness of daily living. Prices soar, the cost of imports soars and customers disappear.

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