Government intervention in the economy misallocates resources. The greater the extent of intervention, the more the unintended and unpredictable consequences.
There are instances where platforms silence African voices or ban their pages. For example, tech giants, including YouTube and Google, recently banned African Stream, a pan-African digital media outlet, following allegations from the United States for promoting Russian propaganda.
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.
Dangote refinery has signalled that private sector involvement in the oil and gas industry can attract unimaginable investments and create employment opportunities for Nigerians.
Whether it is price regulation or industry competition, our analyses show that government intervention can often do more harm than good and competitive markets make goods quality and more affordable.
Our findings revealed that by dictating to hardworking Nigerians how much to sell their goods, not only is the price control immoral, but such policies can create more scarcity and further inflate the price of goods.
The series of attacks witnessed by Nigerians in various parts of the country is proof that Nigerians are far from enjoying complete personal freedom…. If human freedom is worse, economic investment will not improve, which rings back to underdevelopment.
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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.
