DeFi In The Nigerian Space; Controlling Finances You Can Understand?

in LeoFinance6 months ago

It's astonishing how my day begins with spending and ends with spending, this is real life for you. Most people are caught up in spending so much they they even forget they're spending more than they're earning. An average african person is poor if you weigh their income in a dollar valuation and they only way to actually realise this is of course travelling out of the country. This again is the lethal cause of inflation and it keeps increasing on a daily basis, all the average Nigerian does is to spend.


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The country is so centralised that the only things people are part of is actually is taking part in the voting system or process. The ones who owns the money and purchasing power cannot at least determine price change in goods and commodities, the government is taking away the license to prepare produce and own from small investors, putting it into the hands of mega wealthy companies.

In of course a scheme of privatisation creating a sort of monpolized capitalism where the cash dries up and is in the hands of wealthy creating all sorts of scarcity. It has a compulsion for people to spend but become almost impossible to earn and when people spend more but earn less, its actually a pathway to poverty.

Its funny that a country like Nigeria is wealthy yet they're so economically inept so much that the economy is toxic for foreign investors. Recently twitter ignored Nigeria to name Ghana her headquaters in Africa and again Nigeria misses out an opportunity

Not that this would eventually do any good to a person like me but then the more job opportunities the more we we have more money in the hands of people bringing in skills in exchange for income.

The way the country is run is very strange; small entrpreneurs are almost distabilized and their ability to produce is given to the companies that are in affiliation to the government. This means the real money are controlled by a few people while the meagre one is left to the masses to fight it out with.

This is why I champion the personal ability for individuals to create money without having to be dependent of any external factor. Decentralised finance is the path to true financial freedom in a country as Nigeria but then anything the government cannot control or have a link to becomes Illegal.

The old system is that government controls from the top and diffuses the wealth down to the people below but the people having the true means to create wealth themselves makes the people have the collective means to create wealth just as the government. However would eventually have to dive in into the world of cryptocurrency which can of course create more opportuinities to enrich people more than the Nigerian government itself.

Take a lot at cub DeFi a dive into finance. So many people are becoming early adopters already in Nigeria and some are aiming to set up companies in real-time but if course we all know the government will topple this as well.

In reality, we eventually lose account on what we spend on because we do not have control. In the past few months I've been able to calculate and predict how my finances would look like in future because it feels like I have control, I can maniplulate my cash at hand to take advantage of a prospective boom but then working and earning in a Nigerian firm creates inadvertent poverty; people are becoming poor without even knowing it.

They cannot control inflation cannot control their income or cash flow because it is dependent on things that are not certain.




Interested in some more of my works?

Ode To Endless Belle (An Original Poetry)
Why "Value Quota System" Will Determine Who Is Rich Or Poor In The Future
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The Diverse Learning Opportunities Which We're Afforded In Our Different Life Races.


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My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers


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defi offers a lot because it is owned by the people.... i really got into defi sometime this year and it's being my best decision so far. The application of blockchain tech is getting more vast and i think it'll be more profitable if we have our young people in nigeria dive into blockchain dev and development in general

Well DeFi is safe as well as personal, you make and tweak your choices the way you actually deem it fit. Which DeFi are you into? Cubfinance?

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Thanks for sharing this personal insight into the economic situation of Nigeria. When you say that defi comes with certain financial freedoms, I wonder what the interconnection between cryptos and the banking system in Nigeria currently is. How easy is it to convert cryptos into fiat and vice versa?

Well you need the banking system to trade Crypto, converting fiat into crypto was done through the commercial banks in the past and it was very fast and easy but these days crypto trading is banned in Nigeria and buying or selling has become almost impossible. Though a few people knows their way around.

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hmmm, that's really unfortunate... So I guess it will depend on the online vendors to accept cryptos

Online vendors too depend on the banking system, so now its back to P2P on Places like binance. Its a pretty tight situation

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Currency devaluation is a common economic nightmare faced in most African countries and other developing countries worldwide. It has become imperative for organizations like credit unions to hedge their collective funds against their local currency’s devaluation. DeFi will be the game changer for sure!

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DeFi will exactly be the game changer, the system is totally inept and inflation is on the rise

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