Farmers consider the stability, fertility and location of land before they plant various seeds to expect good harvest. Those who sow plant-seeds like maize expect a quick one-time harvest, after which they start a new season of planting. Those who plant fruit-seeds for trees – mostly landowners – wait longer for continuous harvest. Though the maturation period for trees is longer, the stability and bounty of harvest compensates for the long wait. The thought of stability in investment and returns distinguishes between money economy and product economy.
After the crash of MMM Ponzi that duped many Nigerians, many critics blamed Nigerians for being greedy and naive. Yet, these critics failed to propose viable options for Nigerians to grow their savings. Many Nigerians are discouraged by the ‘complex manipulations’ and stagnant trend of treasury bills, stock exchange and fixed deposit in Nigeria. Some have been duped in buying and selling lands and property, and since the real process of production is blocked by the neo-colonial laws, Nigerians either bank their money or begin import of good and services.
People invest their time, energy, skills, knowledge and money in economic ventures with the hope of getting returns. If the investment promises a continuous return over a long period, such a venture is seen as stable and preferable. The stability of ventures is mainly influenced by their ability to keep providing quality and affordable goods and services. This ability to provide quality goods and services is determined by socio-economic policies about the factors of production. These policies reflect in the stability of land-ownership, access to mineral resources, technology, labour, capital and market.
Unfortunately, the brutish style of Nigerian formation and its resultant governance has only resulted in political instability.[1] This is manifested in the government confiscation of people’s rights to two of the most stable factors of production: land[2] and mineral resources.[3][4][5] With this confiscation of rights, the government can seize any land, [6] demolish any building[7], withdraw certificate of occupancy[8] and sell people’s resources.[9] Presently, Nigeria’s major exports are crude resources,[10] 91.6% of which are petroleum resources[11] extracted by expatriates. The major imports are finished products: Refined Petroleum ($6B), Wheat ($1.09B), Packaged Medicaments ($954M), Cars ($809M), Telephones ($745M), etc.[12]
So, when policies are unfavourable for stable production in a society, people are forced to search for foreign goods. They struggle to get big capital (foreign exchange) to import bulk products for higher returns. And the foreign firms from whom they buy also prefer stability by dealing with the big clients. So, small capital clients or those who are busy with their service jobs are left with scammers.
If Nigerians are able to own and use the mineral resources in their private lands for production, other Nigerians will be willing to invest in their stable productive venture. But since the access to land and mineral resources are restricted, Nigerians are made to depend on imports. While other nations develop products for satisfying their needs and earning foreign exchange, Nigeria sells off her mineral resources to get money for their needs. We plant money to harvest money, they plant products to also harvest our monies, because money will always pursue products.
[1] Cf. S. O. Oyedele, “Federalism in Nigeria” in Issues in Contemporary political economy of Nigeria (edited) by Hassan A. Saliu (Ilorin: T. A. Olayeri publishers, 1999) p57
[2] Land Use Act. 29th March 1978,P7
[3] Nigerian minerals and mining act 2007 act no. 20, chapter 1, Part 1, Section 1, paragraph 2
[4] Nigerian minerals and mining act 2007 act no. 20, chapter 1, Part 1, Section 2, paragraph 1
[5] Nigerian minerals and mining act 2007 act no. 20, chapter 1, Part 1, Section 1, paragraph 3
[6] Land Use Act. 29th March 1978,P7
[7] Chidi Nkwopara et al, demolition of Ekeukwu market: Okorocha turning himself into a tyrant https://www.vanguardngr.com/2017/08/demolition-of-ekeukwu-market-okorocha-turning-himself-to-a-tyrant-imo-leaders-nba/ retrieved 5/11/2017
[8] Jimitota Onoyume, Wike revokes hotel’s C of O over alleged fraud https://www.vanguardngr.com/2017/07/wike-revokes-hotels-c-o-alleged-election-fraud/
[9] Nigerian minerals and mining act 2007 act no. 20, chapter 1, Part 1, Section 1, paragraph 3
[10] http://www.worldstopexports.com/nigerias-top-10-exports/ retrieved 5/11/2017
[11] http://www.worldstopexports.com/nigerias-top-10-exports/ retrieved 5/11/2017
[12] http://www.worldstopexports.com/nigerias-top-10-exports/ retrieved 5/11/2017