Nigeria continues to innovate in one area we have been great at: taxation, and collection of fees and levies. And if you check our track record, you will see many ironies. A few years ago, Nigeria would pay you for remitting money to the country via the N5 bonus for every $1 diaspora remittance. Today, you get taxed or levied for sending money to the country!
More money does not advance nations if they do not find ways to create more capital. Some of these levies generate more money but stunt the growth and development of capital. Nigeria will not advance until we can grow capital, irrespective of how much money we generate via levies and taxes.
Until Nigerian policymakers focus on creating systems for Capital development and evolution over our fixation on Money, we will continue to struggle. Money is a subset of Capital, and companies and nations which allow Money to rule over them underperform. In Nigeria, we’re… pic.twitter.com/vUWl5Upqnd
— Ndubuisi Ekekwe (@ndekekwe) December 20, 2023
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