The Nigerian Economy: Monopolizing Incompetence
It's been two to three days, and my bank network and my service provider have been very bad. This simply means I cannot make online bank transactions and at the same time, I have poor or no access to my online activities. This isn't because I'm not a paid customer, or maybe my services were discontinued because I was owing.
On the contrary, I am a prepaid customer, but the truth is, no matter how much I pay, I'm still being subjected to poor servicing and a terrible network. So basically people can have money and the services they're paying for might not be delivered to them when they need them. We all know the essence of time when it comes to servicing.
Time is underrated in businessing in Nigeria
Making a business payment at the right time is crucial
time plays a big role in success or failure, this is why we choose a specific period to make some specific subscriptions or transactions, imagine not getting those services in the window when we need them.
This is largely because, there's no functional regulatory agency that makes these service providers questionable and accountable for their actions, and neither is the judicial system flexible enough for a layman to sue a company that has failed to provide a service that they've been paid to do. So there's this invisible pass that these companies get,
The freedom To Be Incompetent
Their ineptitude can create a failure or a dent in the smooth functionalities of people's businesses, without them having to answer to anyone, but on the other hand, you cannot do this to them. This is because for you to even have access to them, you must be paying them right on time, and you might need to hope they deliver these services to you when you actually need them.
Hope, when you've already provided proof of certainty, money. This is largely because they enjoy a market monopoly directly provided by the government. It's difficult for other individuals to saturate that Market, offering people different options. The biggest economic problem we have in Nigeria, is more monopoly, and less competition.
This isn't because competition is impossible, but because the fear of competition takes away the prospect of dominance from the entitled,
Nigeria runs a closed economic system where the startups providing competition to bigger companies are run out of business by archaic government policies. Nigerians are one of the most innovative people in the world, but one of the biggest problems the country is facing is that the country is built on anti-revolutionary principles.
This means that there are forces in play that make it difficult to technologically be on the same sophisticated levels as other countries. The old system is refusing to die so that better systems can be installed, and this is because of ignorance and lack of awareness of the younger and more innovative generation who are supposed to take over.
The sentiment On Crypto
Nigerians are one of the most educated people in the world as well, but irrespective of this, they allow the uneducated populace to influence their stance on politics. Another thing is that even the most educated of people are being controlled using sentiments.
For example, crypto trading has been banned for over a year now in Nigeria, and young people who are looking to crypto to create wealth for themselves in a country with a 33% unemployment rate, with over 73 million unemployment graduates are not even questioning the people contesting for power on their stance towards crypto. I mean, we're already being ruled by economically daft people.
Change Is Too Expensive
How so?
People who cannot handle the most prevalent economic issues in the country, but yet the younger generations are not concerned about how the next government is going to make salient choices that would change the economic situation, rather they're being controlled by tribal sentiment. It makes Nigerians the most innovative but the most stupid population ever.
The way people find creative ways to meander from poverty is nothing short of a beauty. The systems have failed so badly that people are finding ways to generate employment got themselves, but it's baffling how they cannot change this innovative thinking to challenge or change the narrative when it comes to making decisions towards governance.
This means that it's easier to control the larger population. The minorities who refused to be controlled by political narratives are so small it becomes difficult to change the country from a position of minority. The way crypto is being adopted in Nigeria shows that the traditional system has failed, this is why the system is fighting too hard to kick crypto out of the system, but let's take a look at other African countries that are poor adopters of crypto, South Africa for example.
The Freedom To Choose,
Being Revolutionary isn't enough
I tend to believe that the reason why crypto is more adopted in Nigeria than in any other African country is that the citizens are looking outside the traditional system to create a means of income for themselves. Some other African countries have better systems, so they find no essence in seeking freedom outside what their system is offering them.
It's only a change in power that can bring an end to the endless monopolization of opportunities by bigger systems. However, it's unfortunate Nigeria wouldn't experience this change, now or in the near future. Some people would still vote for those who would enslave them and keep them sequestered, unable to create innovative tendencies that will take them out of poverty.
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thank you very much for sharing information about the economy in Nigeria, I really like reading your posts especially about the state of the country
Thank you for reading
You're welcome
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It for sure makes sense to transfer all funds to crypto rather than use the banks there by the sound of it.
Crypto trading is currently banned in Nigeria, it makes it a bit dicey. So we're buying through P2P. but yeah, you're right, it's what makes more sense
It is clearly a big threat to the control system there then.
December is not always good for most bank in Nigeria but online banks like opay are doing well. Crypto is the best thing that has happened to most African
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Everyone is particular about zenith bank. I haven't really used opay to see how it works, but you're another person that's testified that opay is doing well.
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I think you are right about finding an income from crypto. It's tough to say the same in the US because the costs are so high. It makes me wonder because there are a ton of people who just don't really care that much about crypto other than as an investment. The person I onboarded onto Hive basically gave up after seeing the time and effort versus their rewards.
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I think, it's even more like finding a profession, because I know people who have become professional crypto tutors and makes money from it. So many people have built a life around crypto and they just ban it here.
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Thank you so.much brother for sharing in this plight, definitely Nigerians are the most creative and innovative populace in the world today...this is the reason why I so much believing the capacity of this country ..
But my greatest challenge and annoying thing as always been in the leadership of this great nation, that is currently killing dreams and hopes of the ordinary man trying hard enough to get out of the rat race.
I was so pissed off the other day when I got to the bank to carry out a transaction I ended up spending my entire day, so sluggish non-challant attitude of these banks...is so f*king annoying..but as you put it you cannot do anything about it neither can you even sue any of them for anything...you won't get justice even if your funds is stollen or stuck in their hands. Unlike the system in wester country.
I'm currently in uyo and someone sent me $3000, do you know i literally had to roam the entire city searching for a bank to withdraw this funds...I was so pissed off....
About the hardship and difficulties in the country still Nigerians are beating the odds making waves even to international scene, can you imagine this?...the skit makers are another guy's I so love but in all this the government are not even helping
Talking of the crypto business do you know that India had to partially if not fully now accept the trading of crypto with some regulation ..why can't are government do same
Our brains are so magnificent..imagine Hushpoppi ..even do what he did is terribly wrong but do you ever think it's that easy to hack such a highly security encrypted account...go beyond this shores NIGERIANS ARE FREEKING MAKING WAVES EVERYWHERE YOU CAN THINK OF..
AS YOU RIGHTLY SAID IT'S THE CHANGE OF GOVERNMENT THAT IS PARAMOUNT THAT'S WHY WE MUST NOT TAKE IT LIKELY NOW IF NOT IT WILL BE A GREAT DOOM
Thanks for such a lengthy reply. Nigerians are the most innovative people out there. It's so sad that the government we sadly vote for is mostly our undoing.
The banking systems and the bottleneck effect is majorly because of the way our government works.
The systems in the place are so old. Normally when it comes to public work, people who work in banks are the worst. When the crypto ban happened they became witch hunters trying to hunt and become too hostile to people. So I understand your plight with banks.
As for India, it was a great development. On our own, our leaders are finding it difficult to study the technology.
We have the governor of Central Bank and his team who cannot take time to study the technology rather they blame Crypto for being the reason why Naira is falling so hard, so they just chose to ban it rather than studying it in totality, that's the problem we have.
We will keep having these issues because we will keep voting the same people in power, I think this things can Only stop when we begin to revolutionize this country.
Definitely....I enjoyed reading
Some businesses literally thrive on who pays fastest. I’m not sure if you’ve ever read about this p2p business my friends and I are doing, but that business has no room for slow internet or bank connection. Your customers will take their business elsewhere if they sell their BTC to you and you end up paying like 2 hours later, when there’s another person who would’ve paid in 15 minutes.
God I can’t agree more. People are not looking to question the leaders they will vote. At least not on a deep level. They overlook important things like this and blame the people in power after voting them into power. Maybe if we actually spent more time really vetting them, we’d know who truly has our best interest at heart. Sometimes I don’t blame the politicians because it is our own lack of scrutiny that leaves us with politicians who don’t care about us in power.
Ghana hasn’t made a stand on whether they consider crypto legal or not, but if they ever choose to fight crypto, I will take a stand and fight for my source of income, my future. We can’t keep standing by and watch laws get forced onto us.
Great post, man!
This is true, I'm sure we cannot trust any Nigerian network provider if you're running such a business as this, because the business will fail and this is why I emphasized the fact that speed and time is important if some business were to succeed or do well. In Nigeria, forget speed because literally most bank and network providers have no respect for your business because of the monopoly they enjoy from the government.
Nigerians will never question their leaders, half of the population does not. Even more than half. Especially if they're from their tribes and places of origin. People vote on sentimentality and other than competence and quality. Some of these government contestants already knows this and this is why when election comes, they begin to wave the idea of sentiments and tribe to them because they know they're weak in this aspect and will vote them.
I think it is because they are trying to be cautious and not make any mistakes, unlike Nigeria that outrightly banned it without making any research or checking the impact it has on its citizens economically
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This true, basically we are under the anti revolutionary principles, thanks for ya brief explanation about that.
The government are responsible for this to, due to my little time spend on earth i had been hearing rumours that the government are not ready to go a longer way for the development of the country. For the old system to die requires a lot of money and contribution but the GOVERNMENT are not ready to pay the price. The lack of ignorance is also an obstacle which stumble the way into creating wisdom to the young ones.
Nigeria is a great country we have youth who are creative and ready to do something great but leadership are not cooperating with the citizens or let me say the citizens are not in Support with them due to the previous governance by differents and past leadership.
Great job as usual good to see a content like this that brush up a brain of a 14 years old boy like me.
Happy Christmas and happy new year in advance. Stay safe stay bless
Best of the season, @josediccus
Thank you, and a happy new year in advance as well.
Hello josediccus this is an excellent post about explaining the Nigerian economy and monopolization.
I'm so happy to see many young people from Nigeria on Hive!
This is wonderful.
The United States is being taken over by monopolies now. It's terrible for people trying to make a living. The monopolies have put small stores out of business and shopping malls out of business. Amazon.com has taken over and the Tech Companies have taken over.
It's crazy! Hooray for Hive!
Barb :)
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