Nigeria: The Economic Implication Of The New Presidency
Nigeria is probably going to swear in another president on the 29th of May, unless, it was proven that the incoming president-elect is not fit for office or his drug deals are proven in court by his direct opposition which might nullify the election.
One of the main reasons why I'm interested in who becomes the next president of Nigeria is because one of them might just be pro-crypto while the other might just be anti-crypto.
It's obvious that Tinubu the incoming president might just be anti-crypto and the reason is that the man in most of the campaigns he spoke never talked about any exciting business model that might generate money for the economy and create more jobs in the system.
It's difficult for the old politicians to embrace modernity
He was mostly talking about farming as the likely staple source of income for ordinary people and if the man is not as bright as that, or even understands what it means to be economically conscious to create job opportunities, generate well, liaise with global ventures to raise the country's GDP while improving the quality of lives of people then, what makes anyone thinks he would understand crypto if he doesn't understand how to do any of these?
They don't understand that rubrics of the economy
It's difficult to explain Bitcoin, crypto, decentralization, and even Blockchain to the older generation.
It's even harder to stomach the fact that, older generation politicians are ruling the newer generation, who are into tech, sophistication, and crypto.
Warren Buffett: A Good Case Study
I mean, these men made money through monopoly, they were the olden days capitalists, who liaised with the government of the early 90s to make money through oil and embezzled public funds.
It's difficult to see men like this having the vision to understand opportunities that could help people make money. It's just like Warren Buffett for example.
While the man was brilliant in his hay days, it's difficult for such people who made their wealth through strange conventional methods to fully synchronize themselves with the advent of modernization.
Why Crypto Stance Don't Influence Politics In Nigeria
Surprisingly, a lot of young people who voted in the last election in Nigeria didn't see crypto as a criterion to influence their choice of a leader.
I mean, the present government that might be leaving office in seven days, banned crypto trading, they also banned Twitter in the Nigerian space. A lot of people built their business brand on Twitter and this virtual space was where they were gainfully employed.
Now if the government were sensitive about this, they'd have thought of the millions of people who could lose their businesses, but they didn't and the reason is because of their original ineptitude.
A Wrong Assessment
They felt everyone in Nigeria probably earns money from being a 9 to 5er, they were economically inept to analyze the county's earning chart, who earns where, and what business prospects rake in more income for the average Nigerian.
With such analysis, they'd have the right information that could influence their policies.
However, we can never expect a bunch of corrupt oldies to do these. I felt that allowing a younger person to come into power because they've witnessed the advent of Crypto and even if they're not pro-crypto from the beginning, they can easily become one, because they're younger and it'll be easier for them to slot into that state of awareness.
The Driving Force In any State
Young people are supposed to be strong driving forces in any nation's economy, so if any government isn't ready to make a compromise just to grow the economy and put people first, I believe that the electorate is not supposed to vote for such people in power.
I feel the oldie in power is the same as the oldie that's coming to replace him. These guys are capitalist in nature, they're probably going to make it difficult for individual businesses to thrive, and they're probably not going to empower entrepreneurship.
They're coming in to be true politicians, tap from the country's myriad of resources to enrich themselves and get re-elected again after four years by pushing the same narrative that got them into power.
Surprisingly, Nigeria is one of the biggest pro-crypto states.
The stash of crypto owned by Nigerians is one of the largest in the crypto space. 65% of almost everyone young person has interacted with crypto in the past (either a bad or good project) and probably owned a Binance account.
So how come to these crypto-dominating stats aren't influencing the choice of government in Nigeria? The politics in Nigeria hardly reflects an economic perspective.
Politics > Economic Growth
A government where politics overshadows economic growth is bound to see inflation, destitution, and lack of growth.
People will find it hard to scale again and the poverty rate will skyrocket. I think the incoming presidency will be economically redundant and bring no sophistication.
As always, people will face unfavorable policies with their businesses. Entrepreneurship will not thrive and the stance on crypto will remain the same.
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No significant change happens when an oldie replaces another oldie in ruling a nation. They grew in an offline world and their mindset will always think offline. I think most of them don't care much about the state of the economy, they're in there for themselves, to control and pillage.
Great stats on Nigeria's interaction with crypto. It's a sure way to bypass this political ineptness and slow economic growth. But infrastructure is still needed.
You're right, there's nothing progressive in the mind of an oldie like you've also pointed out. There are no bright ideas in their mind and I simply think that they're mostly there to control and steal. The Nigerian populace do not see this and I blame them for all the retrogression we're going through here.
Things will definitely change when most of the oldies are out of the game. I hope it isn't too late by then.
Politics has been very partisan lately and I really don't like it that much. I care more about the policies they enact because parties themselves won't improve my life. I am in the mindset that we need to throw these people out consistently if they don't enact the right policies and that deciding based on just party isn't beneficial at all.
Thing is, mostly countries just recycles politicians, so we Mostly end up choosing leaders from these refined cycle and most of them are the same and only appear or seem different when they're campaigning. Some of them mostly don't care about people, especially African politicians.
Eso es lo que falta aquí en mi país Venezuela un buen presidente.
You have hit the nail at the head
When this oldie replace the out going oldie, Nigerian economy will keep rotating in circles like MTN network issues.. lol
It baffles me on how our government enjoys the stagnancy and the hardship going on in the country... their wrong voting says it all
A man who understands what modernization is all about will definitely try to some an extent to give the country a little hope but here we are
In few days, we will know our stand!
I think we're in for another 8 years of backwardness. I was banking on Peter Obi because it might be easier to get him to unban crypto trading in Nigeria. I think it would be good to have crypto trading back again through the commercial banks but I think old politicians will never understand. They'll never understand the economy, it's all just about politics for them sincerely it's saddening.
Hmmm, to think of another 8 years of suffering always sadden my heart but with the look of things, I think we are really in for another 8 years of backwardness like u said. Those old cargos cannot lead us far... crypto is out of it...I really wish that miraculously Peter obi rules us
I still have. Not given up hope. 29th May is still 7 days away, a lot can happen in seven days. God abeg🙏
However, what I think will come into play if Tinubu is sworn in, is the delegation of responsibility just as he did in Chatham house. El-rufai and the others will run the country for him. My thoughts though.
If these people end up running the country it's still as worse. They're all the same and the idea is that these people are too old and backwards to enact change.
I agree wIth you. I sincerely hope for a miracle before the 29th
Always giving out point on each topic. Honestly, the one coming to replace is no different from the one he is replacing. Let's see what the future holds for Nigerians
Exactly, two same people are replacing themselves in power, there's no difference
I am not aware of the new president will be sworn in this month, Tinubu always talking about farming got me laughing. I don't see anything good coming out of Nigeria with Tinubu as president, and I agree with you he might just be against crypto like Biden and co.
It is interesting that all he talks about farming, we might as well become farmers since it seems he has plans for farmers.
It's interesting to note that there are people who are young and supposed to be innovative and these are the people that actually voted for Tinubu. He's hoping every young person become farmers, and grow crops, apart from that, there's nothing he plans. An oldie who is tired. He's the same as Buhari, and I don't see him unbanning crypto as well.
When the wise are governed by fools... we have a problem. I think leadership as whole is rather poor, globally! We need innovative and intelligent leadership.
In Africa, leadership has hit its lowest I must tell you. There's no option for good leadership in Africa and it's always the old leading or ruling the young Instead of the other way round
For some reason, Africa struggles with its leadership. Here in South Africa, corruption also plays a big role in the degeneration of the country's ability to create an economy that can generate employment. I hope your election will bring new hope and opportunities to your country.
This is my first time of checking your post, I love the Insight and knowledge in it, definitely following
Keep it up bro👍
Nothing good can actually come out from an oldie who only cares about reciting Nigerian youth into the army and feeding them corn that is the hight of disrespect for Nigerian youth I I just hope something happens and soon enough