Several African countries have a similar habit of protectionism, especially the act of restricting imports in favour of local products. But this is at the detriment of consumers who could have enjoyed lower prices of goods.
…Singapore recognises cryptocurrency as a major economic booster; hence, it places no restrictions on its trade. Likewise, Switzerland, Germany, and the US. These countries recognise the advantages of cryptocurrency and prioritise it as one of their economic boosters.
Few weeks ago, Nigerian media witnessed a buzz as Dangote Refinery finally launched its operation. Not many noticed it is the Dangote Group’s successful attempt to dominate the energy sector.
Any dictionary that defines Nigeria would say a nation where more than half of its population lives below the poverty line, where inflation in food prices keeps soaring and the only booming business is either politics or kidnapping-for-ransom.
The world no doubt has learned—in a hard way—the effects of impeding free trade beyond borders.
First published in 1850, Frédéric Bastiat’s essay, “The Law”, captures the real picture of the present-day Nigerian situation.
When the government’s inappropriate economic policies turn perverted and the consequences spiral out of control, then you see the people demanding to tax the rich
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Get new insights on pro-freedom issues and current events. Subscribe to ‘Letters of Reasoning’ for weekly expert commentary and fresh perspectives.
