Strangling Nigerian Businesses: The Act of Governance in Nigeria

Strangling Nigerian Businesses Brandspurng The Act of Governance in Nigeria
Photo by Obinna Okerekeocha

The New Year seems faster than usual and probably it means we are moving towards an end in the era of government but that is not the case.

Memories of the bloodbath attempt by the forces meant to protect the Nigerian people during the SARS protest is vivid. While these memories are still intact it seems the government is only out to cripple the revenue streams of the Nigerian youth.

Strangling Nigerian Businesses Brandspurng The Act of Governance in Nigeria
Photo by Obinna Okerekeocha

Before the protests, policies were created that were killing businesses especially ones that had young people in operations. Let us look at the E-hailing businesses like Opay and Gokada. The goals and visions of these companies were killed overnight.

They banned the use of Okada as what seems to be a diversion to eliminate the uses of E-hailing businesses and protect the owners of public transportation and Okada in Nigeria. We all know those who have ownership of a large amount of this Okada. Now, Bikes or should I still call it Okada are back in the streets of Lagos. What a grand scheme!

If this was all they did, all would be forgotten. But the government is determined to keep killing innovation in Nigeria.

One begins to wonder if their moves are deliberate or it is just a lack of proper planning. The Central Bank of Nigeria suspended Mobile Money Operators, Payment Switch providers from receiving remittances or integrating their systems with International Money Transfer Operators (IMTOs).

This move seems to damage the moves made by Financial technology companies(Fintech) to make international money transfer easy. As we also know that the justification for this move by the government is to strengthen naira but this move favours the black market and put a constraint on transactions.

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Then we got the gifts of the national identity number being linked to Sim card. One has to wonder what the intention of getting people to register for this during the peak of the pandemic.

This just looks like a justification for more budget to be allocated to the Covid and a means to track Nigerians. A mechanism set in place to avoid forms of protest and kill any youthful spirit earning for a change.

The new anti-innovation policy to be passed is a restriction of crypto trading, an industry that was said to be dominated by Nigerians.

This new policy prevents the trading of any form of cryptocurrency through Nigerian banks.

The Central bank now seems to have positioned itself as the anti-innovation agency, that seeks to cripple businesses & finances of individuals.

How long will the country be experiencing negative change & anti-innovation policies?

This makes one think back to the quote. ‘People are scared of what they don’t understand’

How long will the country be experiencing negative change and policies that intend to strangle the youths and their businesses, dreams and ideas?