Unchecked and unsolicited power is why democracy will continue to be a laughing stock in Africa, the inability to maintain due process whilst having the law affect even the lawmakers themselves has always been a problem. People who are favored by terrible systems may never want positive change to happen and they work hard to ensure it.
The failure in the Nigerian economic and financial structural setting is a representation of the political anatomy. For example, the system remains stagnant because bad policies are beneficial to a few people even if it's not to most of the populace. This means that there are people who are designated to make sure that failed systems remained failed.
It's simple: there's a ton of profit to be made from chaotic situations and there are people who create opportunity where there is no hope. For example, COVID was not all doom and gloom, some people's businesses grew because of it (COVID) and they had no control over this, but wanting COVID to continue just so a profitable business can continue flourishing at the detriment of others is purely evil.
But that's how the world works, most of the problems the world is facing are continuously being engineered to never have an end, because of the mad millions that are being generated from these issues.
No Problems, So Why Solution?
While there are opportunities in fixing problems, people have become sophisticatedly evil to engineering problems, so they could easily provide solutions and create viability and value for themselves. In Nigeria for example, POS operatives and commercial bakers are the most valuable people in the country, because of their ability to provide fiat for people. Fiat is the most revered commodity in Nigeria at the moment, not even cars, gold, or real estate
This is unbelievably true
I was at the market some days ago and we heard someone saying they wish the system can remain like this so that they can continue selling money to people and making outrageous returns. They confessed that they've never made so much money in a long time than in the past three months and they wished the system can continue being chaotic, so they can keep making their mad millions at the detriment of everyone.
Every day I go to the market I see people suffering, trying to get access to their own hard-earned money, it's like working twice the effort of the singular value you're getting. But people are profiting from scarcity and chaos.
In reality, progress and sanity would benefit everyone in the long run, but since chaos brings more attractive benefits to only selected people, the latter is often preferred to the former
Nigerian politicians are benefiting from the disunity of Nigerians. People pay attention to politics rather than what will work for them and their families and politicians tap into this chaos. Now, this is why education and exposure are often abhorred by the elites and politicians.
Exposure and awareness change the narrative, however, this height is still a utopia, since over 50% population of the Nigerian Populace is still living in sheer ignorance and unable to spark revolutions that can bring massive change.
450 billion Naira: Unbelievable Figures For Embezzlement
The constitution is not tailored towards accountability and enforcement of laws, however, the people who are supposed to be canvassing for this change are being blinded to the idea that they're not capable of change. For example, the elections conducted over two weeks ago cost about 450 billion naira to conduct, that's over a one billion USD, down the drain but they still failed woefully.
Now, these guys who were given this money are enjoying the benefit of a rotten system, if not, they'll all be in prison or court, giving accounts of how they spent that money. In reality, the fear of evolution ruins revolutions. We can never change a rotten system if some persons cannot sacrifice the benefit they're enjoying from such a system for the betterment of everyone.
I think this is mostly embedded in human nature
but the only way some sophisticated countries have truncated this is to choose to be advanced as people.
In most African states, power is seen as a birthday and hereditary, so systems continue for decades after decades without enough change to create revolutions that can liberate people in all sectors of life.
People are used to selling their power of choice, and when this is sold, they bargain or exchange the change that could happen to them for superficial gains
In some of these African countries, change isn't happening, because retrogression benefits the elites.
It's a losing game for people who are always at the receiving end of every bad thing that happens. It's an unending situation and not being able to flex one's financial capacity by affording what one truly need is a catastrophe, we're not far, from some of the apocalyptic features we see in movies, it makes me wonder, what the future of some African countries will be like, I'm sure Nigeria will be spearheading this futuristic state of redundancy.
Interested in some more of my works?
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The Nigerian Economy: Monopolizing Incompetence
The Experiential Process of Understanding Money
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It's no hidden fact that a lot of people have benefitted from the on going economic scarcity of fiat. But I think that things are gradually returning to how they used to be. I went to withdraw some money today and the charge was the original charge.
Talking about ignorance of the citizens, what I witnessed during the just concluded election was so pathetic. The so called social media activists didn't come out and the election ground was dominated by the elderly. Elderly people do not exactly know what's going on in the country and whatever their told to do, they would do, as far as some reward is accompanying their action. It was so devastating.
In Lagos, the money scarcity has hit it's all time high even more terrible than it was when this whole policy began. I was in the market today and there was not a single naira to withdraw anywhere. So Lagos where I am and Abuja is bearing the full brunt of this.
Hahaha as for the elderly, this is what's exactly happening in the north, they're given small money in droves and in their thousands they vote for whoever they tell them to.
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I guess my friend was right to argue the fact that Lagos and Abuja are not in Nigeria 😅. Because before I witnessed the change, some Northern friends had already attested to the fact that money isn't really scarce around where they are.
The scarcity in Lagos has hit another new level. I searched for 2 hours and no money, the pain is on another level here.
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That's just terrible, when things are supposed to be getting better. Nigerians are most times the cause of their problems.
Was just coming from a POS operator. For each 1000 naira, she charged 300. I just need some money to pick up few things but for the high charge, I collected just 2000 naira.
Before you wrote this post, I told someone that this problem wont end soon because bank managers and top politicians will make it big business and it seems I unfortunately might get the prediction right. That is same with everything that has failed in this country.
Corruption is now the thread holding the very fabric and running through every point of the Nigeria economic system. Its so unfortunate that we wont widespread change soonest, but I hope we might get there - I just hope.
All the bad effects of this decayed system is suffered by good people the poor masses. Hope sometimes seem elusive.
I just try to work hard personally and try to be the change I want. That is just it.
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It's saddening, I'm just coming back from the market as well and I needed cash to give to a person who has been visiting me for a week now to travel back and it's just unbelievable to know how I suffered today before I could get 5000 naira to give to this person. I think this cash crises might linger for a very long time even if people can now spend old notes, there aren't even old notes in the country anymore.
Politicians and bankers are in liaison, hence the bankers will be giving politicians the biggest share of the money.
We have voted an effigy to rule us because of tribal sentiments, I think we just renewed another 8 years of suffering and we have to prepare for the worst.
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It is obvious that those pos agents are making more money and the most painful part is that those guys are even making life difficult for the citizen. Nigerians' problems are way deeper than what they look on the surface
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POS agents and bankers are the biggest problems we have in Nigeria to be sincere, if those guys had their ways, they'd continue this way and wishing this cashless situation do continues. It's pathetic
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It is sickening that some businesses thrive at the expense of the majority. I wonder how some enjoy making money while seeing others suffer.
Nigeria leading the way at redundancy, sadly I doubt if there is any country on the continent that will outpace Nigeria, the country seems to be doing well holding onto that spot.
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I think the level of corruption in Nigeria is arguably the highest anywhere in the world. You know, I'm so glad you're in Benin, because to be very honest, Nigeria is in a state of implosion and we're at the tipping point and sadly the people who keep benefiting are benefiting and hoping our suffering continues.
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Hmmm
Quite unfortunate
The same situation that's making some people thrive is what is killing others.
Some people are unable to get what to eat or get medical attention.
People have always benefitted from chaos including wars and in Nigeria for example, the fiat scarcity.
We hope some of them can have the human sympathy while we pray the chaos subsides
Well it's all true, I mean look at the country, if Nigeria becomes better, economically and otherwise, then how are the thieves going to benefit? Nigeria is way better for them at this state it is, because that's the only way they get to benefit.
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It is rather unfortunate but we'll continue to pray, hope and work for a better Nigeria
Thanks Chief
Facts! The monetary system in Nigeria is so flawed to the extent that everything depends on Fiat system. The electronic and other means is not reliable.
Fact! The disunity among the nigerians are deepened by politician and use of tribe, religion and other tenets.
Exactly, fiat currency is now the real gem, I guess the Scarcity equits value to what might not be intially as valuable as we deem it.
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In this case, scarcity did not increase its worth but eliminates criminalities and excess money in circulation. Inflations still bites us
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Chaos is when we see true colours of People and society.... Same case with our people and country... In Covid they got opportunity and started selling a box of masks for more than 3,000RS here while original price before that was 100Rs.
In Each and every chaos we've seen corruption happening around and no one to take notice....our economy is also going through worst time like on ventilator running on Loans Getting from IMF and inflation going up while people still benefiting themselves from the whole chaos... I wish those who have knowledge or can see what's going on around take serious actions that's the way.
Okay so earlier today I saw in the news that the feds made over 11 billion from mobile Banking transfers in Feb alone, now imagine that, and there's a possibility of them keeping it that way cause they make more money from all these inter bank transfers...
These system is a game, it's like racing in a rat hole, if you're smart enough to understand the route and the process then you win if not you loose, the P.O.O guys are catching out big these time, will you blame them? Probably not, that's how the system works, so they play along , some of them will tell you they also buy these money from the bank, so you see the bank managers are taking advantage of the system and milking people, but my concern now is those at the top, are they not seeing these, so I guess they themselves have a cut in it, it's a win-win for them
Actually I loved your perspectives on these issues, profiting from chaos, this is NIGERIA were any and everything goes, if "they" at the top sees all these suffering, guess what they'd say, don't worry they will get over it soon, and so? we adapt...
But then while these situations persist you've got to find a way to earn a living, despite what so you manurvere the system to your favor by profiting through anyways that's what the system thought us , like the pos guys so I won't blame them, it's an opportunity so they grabe it
There will always be people who pursue profits and I think the lockdowns/covid was taken advantage of by a lot of people. Even in the US, there were tons of fraud to collect the checks and the politicians were passing bills that gave their own or friend's wallets or goals.
I hope things get better but I don't have my hopes for things to improve in the US or in Nigeria from the way you have described things.
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Not just africa , even here in India we are facing similar problems though it might not be as much as that of African countries.