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I awoke this morning to a 400% increase in tariff internet plans on one of Nigeria's internet providers, which honestly gave me some PTSD. It seemed like a joke because I found out on Twitter and then decided to check myself.
The increase felt ridiculous. 400% is one of the largest increases I have ever seen in my life, and for a moment, I reflected on my life, the people who put this country in this situation, and those who ensured we are still here.
I thought about those who sold the country's future by accepting money from politicians in exchange for their votes, and then I thought about how people betrayed their comrades by selling the country out.
Many people began to express their pain, and the fact that this is now trending on Twitter Nigeria demonstrates the gravity of the situation.
This company is a South African private business. So what happened is that the Nigerian government has consistently taxed these businesses since coming to power in 2022, and they have responded with tarrif increases that directly affect individuals and small business owners.
The end consumers, who have suffered greatly as a result of taxation, are now the ones affected. Almost everything you do now is heavily taxed, which was not the case four years ago.
Practical monopoly Is the lack of alternative
To constantly raise tariffs, regardless of how much external taxation they face, a company must have little or no competition.
This company faces little competition because its competitors provide poor services.
So most people prefer them because their services are 80% reliable, whereas their competitors cannot boast of up to 50%. Their competitors' services remain low-cost due to low patronage.
When a business lacks patronage, it cannot raise prices for fear of losing its few customers. Now, they can solve this by improving their business, gaining more customers, and then raising their tariff by the bare minimum.
Monopoly Makes Competition Difficult
I have realized that the other competitors are terrible, allowing one company to have a monopoly. I have observed other business sectors like this and discovered that one company is always better than the competition.
In retrospect, it appears to be an economy where competition thrives, creating the illusion, but in reality, it is an economy in which one business cripples the remaining competitors.
I believe this because it is not a coincidence that in every sector, one company stands out while the rest are terrible at what they do, and this is why private business owners like Aliko Dangote (Africa's richest man) make money; they destroy alternative competition by working with the government.
The Richest People In The World Thrives On Monopoly
When they do this, they can constantly raise their prices while keeping at least 70% of their customers, as the remaining 30% will most likely return to receiving poor service because they cannot afford to pay for quality service and products.
To be honest, I have always believed that competition is proof of civilization. Because there is competition, democracy can thrive, giving citizens a voice, a choice, and an alternative. It is how modernization derives its meaning.
People used to have fewer options, but as we progressed, we gained more. More alternatives mean fewer opportunities for exploitation, which leads to freedom and enlightenment, and when people become enlightened, they gain knowledge.
Packaged Democracy
The Nigerian system of government is oligarchy disguised as modern democracy. In reality, people have few options because governance is rotated and concentrated in the hands of a few.
Now, these people rotate it within themselves and their families, ensuring that when they die, their children and other surviving relatives can continue the elite's form of governance.
This form of governance also creates monopolies and shrinks the country, limiting people's choices.
Now, I believe this happens in most countries, but the difference is that the governance in these countries is better and more effective.
For example, if people have only one option but it works and is dependable, it will be difficult for them to perceive the need for an alternative. Monopoly is rarely detected in an economy where the choice is reliable, favorable, and good enough.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
