After the chaos of the April elections, Nigeria, improbably, has another chance to exorcise old demons. But there remains the risk that its ruling class will end up exercising them instead. Five years of oil-fuelled growth have given a new administration the best economic platform to mend Nigeria in a generation. But as in previous oil booms, the potential for this windfall to fuel private fortunes rather than the public good is strong.

In office for seven weeks, Umaru Yar'Adua, the new president, has made encouraging noises. His core programme, he says, will entrench liberal economic reforms initiated by his predecessor, Olusegun Obasanjo. But he will seek to deepen accountability in public institutions and spread the benefits of higher growth. He needs to, and fast.