The Nigerian political system is directly wired to promote monopoly which in turn makes it difficult for things entrepreneurship and private businesses to thrive. It all boils down to control. A lot of monopolistic business gets their patent and backing from the government and this is because of the money that's involved.
Before these businesses reach that level of monopoly, they'll need the support of the government to create policies or regulations that will floor or directly affect their smaller competitors. Competition is the opposite of monopoly.
The Nigerian system makes it difficult for small businesses to compete with extravagant policies, which are really not applicable to the businesses in liaison with them (the government).
Because it boils down to control, the government mostly makes regulations that aim to control bigger businesses while stifling the smaller ones. This is the same with crypto. The government made laws to shut out most physical crypto outlets and the judiciary is now tasked with enforcing these laws.
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They effectively stifle innovation as the businesses that have strong ties with the politicians control most of the market, sometimes for a long time. Eventually, growth also stagnates because monopolies can easily get complacent and the end users have to put up with an average product/service that's becoming less valuable.
Monopolists control the market as they deem fit because they have no competition, and you're right. At the end of the day, they become complacent, the aim for them is to stay within the shadows of politicians, so that these people can protect them from public scrutiny.
Right. Politicians should learn to have integrity and not put their nose in everything. They're the main culprits to stunt economic growth thanks to the biased policies.
Exporting those crude oils overseas happens not to be favoring Nigeria, the country should lure in investment that will make the refinery process to be done in Nigeria that will benefit Nigeria as well as foreign investors. It is time we start looking at creating finished products instead of relying on the Western world.
Processing the oil here will make some powerful entities to lose money. So they'll rather not have it that way. They want to always benefit and make money from everything even if it harms the economic growth of the nation.
Shea, Dangote has finally built a refinery. What do you think that will do to our economy? He is already someone who loves monopoly and privatization.
We may have been told his beautiful move into business by getting loan from his uncle but we all know the reason he thrived in those businesses had been because he had ties with those in power through his family network and he stifled other people's access to those industries.
I think a lot of people praise and give him too much accolade. He's a monopolist that was made by the government and his family and the likes of him are a danger to the economy and to smaller business as well. Even the job he seem to provide is being hoarded by connection
Lol. I can even feel the anger in your voice from here.
There's a lot of things wrong with this country and this is one of them. They preach about wanting businesses to thrive but stifle them with unreasonable laws and taxes just so that monopoly remains.
Nigeria just wants those who would give them money without actually choosing to empower people to generate or make wealth for themselves. It's a crazy thing
The government is always trying to exert its control. They throw a lot of regulations to deter other people from building a large spot in the market and to give their friends an advantage. I don't think that is any different from the US either because the laws and regulations makes things very troublesome.
These regulations have really become problematic over time. I think the main reason why this is so that government just wants to control who comes and go. I don't know it's also a similar case in the US
The fact is most Nigerian politicians are wired to fend for their selfish interest putting the masses need on a different scale of interest there is little support got from government by small scale entrepreneurs without good connections its most likely impossible to get support from this top Nigeria agencies thanks for the share.
Well Nigeria is not a country that builds people. They wait for you to build yourself, while taking advantage of you being self-made. Thanks for watching
Monopoly is one of things we're battling with in this country. Imagine where a single business man have conquered almost every food sector and has no matching competitor. This will give him more room to manipulate the economy to any direction he wishes.
We don't even know long how it will take us to recover from this mess.
Well I do believe that we're a monopolist state in the guise of democracy. While the economy is easily accessible and the market is free, I still believe that wealthy people are the ones controlling the economy
You're right bro
A lot of businesses have failed up because of the structure of Nigeria political system
This is true..
Yes , all what you have said in this post are the truth. Nigerian government are something else .I pray we find good luck some day.thanks for sharing.
Thanks for watching
I woke up sad today.
Quite understandable indeed.
Didn't we all?
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It’s just funny when I look at Nigeria and I see no hope, Just let me remind you that Nigeria is over 62 years and we cannot Build a refinery I’m very sure that Dangote’s refinery is built by contributing money from those corrupt government officials.
Nigeria could have been a very good place but our politicians are stingy and self centered
That way, the country will not grow
Just like Dangote, the government gave him billions of naira to put in his refinery. This is pure monopoly as it's the government that will still be controlling every drop of oil being refined there.