How China, India & South Africa destroy our economy – By Odilim Enwegbara
How China, India and South Africa destroy our economy
By Odilim Enwegbara
Chinese, Indian and South African companies have invaded our consumer economy, dumping all manner of cheap, substandard, adulterated and harmful consumer products in Nigeria.
Protecting them, they have raised powerful politicians or technocrats as chairmen of their companies who make calls on their behalf when they run into trouble with the law, which they do a lot. Most important of it all is their gross evasion of tax and nonremittance of VAT collected from Nigerian consumers on behalf of FIRS.
In keeping this economic invasion intact, and making sure that goods remain falsely far cheaper enough to discourage or displace than locally produced ones, their respective governments have used their so-called foreign portfolio investors to invest serious portions of the same dollars their companies earn dumping these goods in Nigeria.
But keeping the naira strong enough is important to them since otherwise these imported goods will get out of the reach of most Nigerian consumers.
That is why to encourage import dependency unchallenged in Nigeria, and to continuously discourage local production of the same good, since it is substandard consumer products they dump in Nigeria, which unsuspecting local consumer patronise, investing a large portion of their earned dollars back in our economy is the only way to keep the naira artificially strong.
Jobs in their millions are lost. And as a result, more and more employable young Nigerians prematurely join the skyrocketing unemployment market and with time hopelessly join the country’s poverty market too, which has since made us the poverty capital of the world.
Aware of how they are hurting our economy and that it requires a nationalist leader who understanding their game would waste no time in stopping it, the three countries wanting this kept intact, have acting behind the scenes, done everything diplomatically and financially possible to support Buhari’s reelection. Rightly, they feared that an Atiku administration would have brought this three-nation invasion of our economy to an immediate end.