Causality In The Nigerian Economic/Financial & Political System (Part One)
In Nigeria, sentiment is the biggest tool used by some to control others and this is because things like logic are often thrown out of the back door. After all, it creates a front door to what's viable. When people begin to see past their sentiments, this is when they'll begin to reason better, but government and politicians do not want people to be at a level of reasoning where they'll see through their corruption, money laundering, embezzlement, and so many other things.
For example, a politician who embezzles money, and is being caught might claim that the people who caught him might be unfair in his ruling or punishment because he belongs to a particular tribe or locality.
Sentiment Is A Euphemism Aimed To Take People Away From What Matters
when this hits the news, people will forget that the man in question is firstly a criminal who has embezzled the nation's money, they'll begin to feel a need to defend the criminal in question because he has been able to appeal to their sentiment which sparks certain emotion.
The people at the upper echelon are very wise, they know that one of the biggest ways to control average people is to keep them in ignorance, keep the money stats away from them but keep appealing to their sense of empathy, using religion and tribe as the focal tool to keep them from knowing the truth. In Nigeria, the average man is bereft of knowledge, and this is a tool that's important in determining their mentality.
Knowledge Is underrated
Knowledge can be free, but it can also be expensive, however, politicians will try to keep both free and accessible knowledge away from people and also refuse to reduce the cost of the expensive knowledge, because an ignorant populace means a handicapped citizenry, unable to fight or create a revolution that would change power and install competence.
In Nigeria, poorer people are used to building the dreams of already rich and established people instead of building theirs instead, this is why there's a huge disparity and Gulf in class between the money classes of people in Nigeria, this is why it's difficult to see a huge populace of people who are not poor but not as wealthy as you'll think.
A Substantial Gulf In Class
For example, politicians undertake government projects and provide amenities at the grassroots in other to campaign for a new tenure in office and not because this is their civic duty. Now the reason why they'll do this is so they can use the proof of funding of these multimillion naira projects for the incumbent election. This is to show a certain causality.
This means that politicians are forced to perform their civic duties only when it might serve as a tool used to campaign for their reelection. Now, people keep failing for this political trick all the time, rather than seeing the charade, reading between the line, and being conscious or aware enough to force a change and create a better and existing system that will provide the right platform for them to thrive.
The Nigerian Central Bank's Ineffective Policies
In this post I talked about how the Nigerian central bank redesigned her currency as a monetary policy to improve the ailing currency of the country.
However, people failed to understand that redesigning or coming up with a new currency while creating scarcity for its circulation will not improve the value of the naira against the dollar. There are other monetary policies that are in place to improve the naira. In fact, two years ago, the Nigerian government banned crypto trading in a bid to help the naira.
Crypto: A Competition?
They felt crypto was a huge competition to the native fiat legal tender of the country, so they banned crypto trading through the commercial banks, hoping people would fall back to the native currency rather than choosing dollars or crypto. However, they fail to understand how crypto trading, ownership, or transaction has provided financial sustenance to people who have been rendered unemployed by the system despite being educated and qualified to work.
Now what they could have done was to focus on making the right monetary policies, tweaking the constitution to change the functionalities of government, creating bylaws and existing laws that would curb corruption, create regulatory bodies to check the affairs of people who in some of the country's most important financial sectors ....( to be continued)
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This cannot be more real in any other place than Nigeria. Tribe, religion, political affiliation and other big elements of division determines how people respond to anything.
And the first thing his followers will seat on to defend is his tribe. From there, other things like politics will be-cloud their judgement and they blindly and passionately defend a criminal. After all, that is what the other crowd did when their criminal son was caught.
And seriously keep them in economic hardship too. As such, any little money or tiny project waived in their face will look like the relief their life badly needs. So the politician can get them to do what they want. That is the basic recruitment principle of thuggery. Fake promises of better life.
My comment is already getting long. But then, this is the reality in most developing nations in one word - manipulation. Crypto is the only liberation that the average poor man can hold on to. And its really powerful.
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This tribal sentiment might become one of the reasons why people might make another terrible mistake during the upcoming election, I must tell you. I think we're going to remain in this conundrum for a very long time.
It reminds me of the proverbial Jewish people who choose Barnabas the thief over Jesus Christ. We've been choosing thieves in this countries and some people are still blinded because I believe they cannot distinguish between what's good for them and what isn't. This is what most politician capitalizes on.
This is something I'll emphasize in the second part of this post, poverty and fear is a huge tool and I'll emphasize more on this. It's saddening to see that even the people who are educated mostly falls for this.
Thanks for the detailed comment, I think it's mostly peculiar in African countries though. This is because we don't have sophisticated electoral system. Crypto would be revolutionary.
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This could make me cry...I was a TikTok account interviewing people saying Labour has a good man but we want our brother...
These are the sort of people that languishes in poverty forever and ever. Tinubu doesn't see them as his brothers put as tools to realize his political agenda.
💔💔💔
In Nigeria where someone said a snake swallowed money...SMH
I think the same could be said for many governments even in the developed "first world non corrupt" countries. You'll almost definitely find that some project is linked to someone who knows someone else here and there. The only difference being they play within the "rules" and still get things done. 🤣 !PIZZA
Irrespective, some of these countries still manages to get things done. The Nigerian government gets nothing done as their corruption is vivid and written on their faces and ineptitude.
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That difference is what makes things work. Be nepotic but still seek the spirit of competence among those who you work with. In Nigeria, there are Engineers who work in banks as accountants and graduates from accounting without jobs. In Nigeria most of our graduates from STEM are jobless.
This is why the system needs to be broken by competent people. The system has been rigged to favour connected people
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I agree
I gifted $PIZZA slices here:
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You only get to see the government provide or perform there civic duties when they need the help of it's people, not that they want to do it but they actually need something in return. The fact that some persons are still ignorant about the politician's true intentions and fall for their trick it's what baffles me.
The CBN seeing crypto as competition, for real that was so insane and unreasonable. I think they saw the future in it and notice that it would obstruct their means of embezzling funds in one way or the other.
This is the reason why we need a government that'll be economically educated enough to understand the importance of something as life-changing as crypto, some Nigerians are currently to daft to see that rheurt future is at stake.
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We just hope for the best in the forth coming elections and we pray for better leaders to be elected on board.
Daft people leading daft people😭😭😭😭
Instead of them to encourage people to take crypto more seriously because of the opportunities available. A blind government leading people into the ditch!! It is very heart breaking.
With crypto laws entrenched into the constitution, we'd see Crypto development and empowerment, but no! Ban is all they choose
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😪😪 Just sad
The politicians/wealthy are after the power/wealth that they can generate and I don't think crypto is going to work for them because it won't give them the control they want. In a way, the accusation and redirection by politicians are so common and I wonder if they are just accusing others of what they are doing. I have seen that happen a lot. After all, if they are doing it then they know exactly what they are talking about.
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Well this is true about politicians, but then, there's really no harm in trying to even help enhance a technology that can potentially empower a lot of people to some extent. It's crazy how the elite thinks.
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I wrote a WhatsApp post about leadership as an individual trait and how those who lead a terrible life are more willing to allow terrible leaders to lead them. I think Nigeria is suffering from this. We also do not think we deserve better.
With the elections coming, people are still having tribal sentiments lead their thought. How can we know what competence looks like when we can not see it in the mirror nor do we see it as an important trait to develop? The results of this election will be a wild realisation for Nigerian if they are not ready to sit up. Regardless of who wins, life will get harder and that is what people do not realise.
If Nigerians begin to be paid by the hour who will be the one willing to take incompetence after there have been tax cuts? it will be wild.
I think most importantly, Nigerian leaders are profiting from an uneducated, tribalistic and sentimental populace, most of the people championing for Tinubu are those who have been promised a lot of money, some of them are just tribalistic and religiously attached, while some are ignorant to the core. Some people thinks governance is about tribe. This is why I do not pity some people who suffer the effect of bad leadership. No sane person will vote APC because of the current represent of theirs in power (Buhari). But Nigerians are easily manipulated. We'll keep choosing thieves.
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The solution still lies in education. We need to have light guide us in this country. Not the fake leaders we have right now.
Nigerian politicians are so smart and I believe they know how average Nigerians think that is why we cry for help but we are still the ones that will reelect them. May God help us
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And they do this over and over again, but I really hope this time will be different as most person have opened their eyes to the truth.
And as for the new naira circulation, I don’t know if it is very difficult to get from the bank because I have not gone to try it, but the POS around my area now add additional charge if someone wants to withdraw the new naira from them.
That's absolutely crazy. I guess some people are hoping to profit from this new note scarcity to make money. Someone is always looking to capitalize on someone else to make money in this country...it's so saddening
Extremely saddening and then we seat back and blame the Government for every bad thing even when in little position of power we do worse.
Well, I think people have given up on the country, so everyone is trying to scam another person to make money, I guess it shows how we've lost faith in the system.
I hope one day, it becomes better.
That's absolutely crazy. I guess some people are hoping to profit from this new note scarcity to make money. Someone is always looking to capitalize on someone else to make money in this country...it's so saddening