In Africa, some of the most celebrated people are wealthy people, the ones that make Forbes lists as some of the wealthiest. They make the news at the slightest provocation, parents asks their children to emulate and be like them. These billionaires are household names like Aliko Dangote and Mike Adenuga.
The problem here is that most of these Africa billionaires are not self-made in the sense that their wealth are not of their own intellectual capacity, take a look at Jack Ma for example and how his incredible drive for e-commerce made him one of the wealthiest people in the world.
When you compare that to what we have in Nigeria, you'll discover that the billionaires we have in Nigeria are the ones that have been in liaison with the government in a monopolistic agreement to do away with the perfect competitive market structure, create only one channel of distribution and benefit from the woes and misery of people.
Thinning The Herd
People like Aliko Dangote are the reasons why the distribution of opportunities are thinned. While some people would argue that Dangote has created jobs and paid the salaries of people. The question now would be; "at what cost?" The number of people getting employed by monopolists as Dangote isn't even half of qualified people fighting the unemployment level in the country.
This is because, when the exclusive patents given to him to produce some essential goods are shared amongst manufacturers who are now defunct, more people will be employed, the price of goods will be fixed and there will be free entry and exits for manufacturers, thereby creating a larger scale of employment in specific industries.
Should we talk about how the incessant abuse of discriminative price increment would stop, or how his wealth intake will reduce and allow for other billionaires who will be self-made when given equal opportunities as him?.
Should we also talk about Mike Adenuga who made his wealth from oil and telecommunications? Obviously not. This is because these people are following the same pattern, getting rich through monopoly of exposure in liaison with the government of which the downside is starving people of opportunities while enrich themselves through exploitative tendencies.
Originally, people like this are why Nigeria is in a mess. So many people who are outside Nigeria, understands that Nigeria is a wealthy country, so how is it that the quality of lives of people are poor, and the economy is in shambles, the government has seriously incurred debts with countries like China?.
It's simple, the economy is monopolistic, the government is in liaison with a few people who are given the liberty to take pure and uncut opportunity in the country meant to be distributed fairly to only a few people, making the custodians of wealth.
Crypto; A Platform & More?
This is one of the reasons why Crypto would be more impactful in the African continent entirely. The wealth made by most African billionaires are made by excessive exploitation caused by monopoly.
In hindsight, Nigerians are probably the most creative people in the world, the secrets of their ingenuity comes from surviving in a country without structural framework or a platform where they can build by default. This is why crypto is more adopted in Nigeria than most places that should probably be more aware of it.
Apart from the fact that crypto creates a platform, it gives people leverage and create an opportunity where people can use their skills to build a different form of wealth for themselves, free from whatever the government is totally offering. Furthermore, we have come to understand that crypto is even more. Creating thousands of millionaires rather a handful of billionaires is
Crypto: The (Im)Perfection In view?
Crypto isn't on the cusp, it's already changing the lives of average people with nothing. I've seen people who are taking advantage of crypto to build a standing for themselves in some of the most creative ways that are actually so rare.
One thing I know is, people don't need the certainty of wealth, they only need money to actually build a foundation for themselves. This isn't to say crypto is perfect. There's are people who are generally in crypto with the aim of taking advantage to enrich themselves and cut the ladder below them, preventing others from climbing. The truth with Crypto is that it's a cloud that's big enough for people to fly in.
The more involvement actually brings more adoption. While it's difficult to change how the system works in Nigeria, a lot of people do not know why they're lacking the proper platform especially towards employment and building their lives despite being qualified
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The monopoly in the Nigerian economy is one of the major causes of inflation.
How can one man decide the price of cement In a country like nigeria because he has little or no competition
Thats it, funny thing is, no one is questioning why the situation is so, its probably why it'll continue for a long period of time
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Are the monopolies in place due to the laws or is it due to the difficulty of getting the supplies?
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The monopolies are in place because it's totally beneficial to the government in place, they have a sort of arrangement with these monopolists
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When I talk about this, my peer group call me jealousy. According to them, I can't appreciate anything good. But you just said it as it is. People are being exploited and forgive me when i say that our Nigerians like the idea of a handout which is why they prefer to waste hours building success for someone that put in those hours to better their lives. According to them, Nigeria is no man's land.
This idea of "i must chop first before i go" is what is actually holding the success of a lot of people. They find lucrative business and want to do it all by themselves, leaving their fellow people in the dark. Smh.
I decided not to shut up about what I do. Just yesterday, I shilled Hive to another interested content creator who's also a student. It's about building not eating. I love that you shared this.
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Definitiely most people are blind to the ills that are being meted out by these wealthy people, they appreciate the wealth and even laud these men forgetting that these people are monopolists, taking away all the opportunities.
It's why I always talk about the prospect of Crypto in general. Nigeria will not thrive when we cannot create better platform for people, rather than hoarding the best of opportunities for the few elites like Dangote.
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We are part of a problems in Nigeria The main reason why I mention this is because why would you re-elect same corrupt people to rule us over and over again because of how much, this set of people creat opportunities for themselves alone and the money flow within themselves
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It's how it is, in Nigeria, wealthy people create opportuinities for themselves and this is also down to the kind of government we have in the country. Monopoly might just be the end of us.
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Same story in the Caribbean and that is why China can buy out these nations so easily. Nigerians are really smart and forward thinking, Jamaica is way behind in the crypto space but once they get a hold they will catch up fast.
You're right. China is smart, afterall, they're a communist state. The Nigerian government is handing her sources to the chinese for a few morsel of Comfort. The government aren't smart enough to build a system where everyone has a platform to compete. This is a salient problem
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Crazy thing is that even the jobs that are supposedly created by Dangote are minuscule and people complain of salaries being owed.
It is the whole ideology of the rich wanting to be richer and they know that if there is competition, many people wouldn't go for theirs and this is the reason Nigeria is hell-bent on frustrating crypto, the reliance that people have on the government would be taken away.
Yeah, you're totally right, the goal is to get them to become richer, while they pay the government for keeping them richer. I wonder what people adore about a monopolist as Dangote, he's wealthy because of the monopoly and not because he's a genius whatsoever.
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Most of the wealthy people in Nigeria aren't wealthy because they are geniuses, they are wealthy because of how much they can use others.
Nicely written. Monopoly in any clime is quite detrimental to the economy in the long run. It is quite sad that they don't call them oligarchs.
Definitiely deteminantal to the economy, but since the government is getting rich, who cares?
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It felt like somebody was telling me about my country, Pakistan. Huuuh! The conditions here are exactly the same. The talented, educated and creative youth is unemployed. They have skills yet no opportunities to show them. Not even government jobs are available on merit. And when we talk about the rich people. They are merely those who have liaison with the government and other authoritative personnels. Crypto is banned here. Those who are performing crypto trades are considered into an illegal action.
Pakistan is a third world country if I'm not mistaken and this is probably why the situation is like this.. people aren't equipped enough to use the rule of democracy to fight the government and sincerly, this is probably why the government of many third world country would remain corrupt whatsoever.
Hey! This was an interesting article and it is always sad to hear when people are not given the tools they need to facilitate growth, because of greed and system abuse.
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This is how it happens in most systems in Africa, individual can't have a platform to actually showcase their abilities or to monetize them because the system doesn't provide a platform. Thanks for the curation
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Well put and pointed out. Not only in Nigeria but a bulk of African countries. Wealth and proper employment has been thinly distributed to benefit a few families at the expense of nations. Crams are thrown to there people as they claim we are helping you out. When all that is needed is a fair ground to persue opportunities and all will benefit.Not aid
I said this and one guy wanted to tear shirt and fight me. I was like I don't know if Dangote or his minions are bankrolling you but the truth remains the truth. Deal with it! It's so sad but they tell you this is how it works. BS!
Definitely, crypto is not without its imperfections but it is a step in the right direction of financial liberation in light of this monopolistic style.