THE NIGERIAN BUSINESS IDENTITY PROBLEM
In other words, how much socialist or communist are we?
*Clears cobwebs* Hi everyone, thanks for being here, I’m fine really except for that my governor just banned Keke Napeps and bikes on every major road on the Island, and I don’t know how I’m supposed to go to work.
I’ve been musing on this topic for a while, seeing as we are in a BANana republic that thrives on executive ordering its way towards terrible economic policies that do not have any sort of practical sense and predictably fail spectacularly (see: border closure leading to sub 12% inflation, multiple exchange rates, and this perverted obsession with rice). But I finally decide to write this after reading this article on Crazy Rich Nigerians, watching “The Men Who Built America” again, and the tweets below.
Anyway, let us define terms.
The major academic difference between these two seemingly similar economic theories, lie in the the how and the who: the assignment and distribution of shared economic resources are handled.
The Vice President (before he had his wings clipped) advertised Nigeria as being a capitalist destination, citing the successes our (not so) impressive billionaires have been able to acquire in terms of wealth and the investment opportunities available here.
In light of global economic trends and the massive successes the likes of Dangote, MTN, Nestle and GTBank enjoy at the top of the NSE index, people tend to be led astray, believing that the system on ground is that of a capitalist free market, not knowing that behind every Alhaji backed company, there’s a million executive orders and tax waivers that made it happen (Don’t believe me? Ask Ibeto).
The Pseudo socialist sense of entitlement Nigerians posses towards rich people and corporations, as highlighted by the second screenshot, is deeply rooted in textbook socialist principles and marxism.
Marxism theorises that all the produce of the land belong to all of us(equally).
This has led to and promoted some envy towards the rich in this country in the form of diatribes such as “they are eating our commonwealth” , constantly policing how much they donate and give out and converting their USD purchases to Naira just for clicks and traffic to terrible blogs.
Our billionaires, low-quality or not, do not owe us philanthropy and giveaways, rather they should be made to pay taxes and stop fleecing the country via their numerous tax exemption schemes.
I mean, I too would easily give 10Bn to charity after receiving almost 90Bn in tax credit. The problem is not the philanthropy of Billionaires, rather it is the numerous tax loopholes which create a system in which they are not taxed properly .
“There’s something terribly off and wrong about the richest black man being from the poverty capital of the world, while selling the most expensive cement on earth.”
History and hagiography, would have us believe that Nigeria has always been a socialist state, as everything prior to the Babangida years was controlled by the government. The economic fabric of this country changed for worse, the moment Maradona took(stole) those IMF loans, to solve increased inflation and unemployment. In theory, the loans were supposed to stimulate trade and bolster economic activities and capitalist innovation in the country, but just like the failed Indigenisation policy of OBJ before him, it was time to declare for the boys, and with that, Nigeria’s version of communism which was being nurtured, fully matured.
The foundation for most of the wealth created by the Nigerian elite was built during the SAP eras of assigning oil blocks, national assets, and licences to friends, family and members of Nigeria PLC, so maybe the poor of today are right to feel entitled to the wealth of our low quality billionaires, after all they’ve plundered and taken advantage of our common wealth.
This okirika communism is the grouse the government has towards foreign businesses and other business elements who don’t toe the line as expected and approved of them, because they do business in creative ways, often devoid of subservience to the government.
“How dare MTN, Shoprite and DSTV come from SA to be so prosperous and take advantage of us.”
Greatest hits like MTN’s constant fights with Malami, the magical disappearance of the POS licences of Flutterwave and Paystack, and Sterling getting reported for a tweet are common place in this banana republic. Its also why Lai Mohammed thinks he can executive order DSTV to share Premier League rights they paid for with Silverbird and NTA (while suppressing news about Boko Haram), and why Isa Pantami thinks he can order telcos around on data pricing when his job is to make sure the broadband plan is expanded.
Low quality communism is also what has enabled my MCM Goddy to provoke numerous anti-economic and anti-innovation policies in the financial services sector.
The thing is; in a communist economy like ours, its easy for the idiots to sit back and just police the people actually creating value. These value creators are smart, and know that these overlords are waiting to swing the big stick at any time, so they might employ less than savoury tactics to preserve their wealth and extract the most value from consumers. This is why we need to get serious and revamp our business laws in this country.
But hey let us keep giving Putin more tax breaks while we buy the most expensive cement (and soon fertiliser and rice) in the world.
P.S. Demand more accountability and reforms from your government, and go watch The Men Who Built America.
J.S.
