By Abbati Bako,psc,bsis and alumnus of Kent,UK’s European University——-
The Managing Director of African Development Bank Dr. Adesina has said that “criticism against Aliko Dangote is uncalled for” meaning that Dangote’s investments in Nigeria is on a rescue mission for the advantage of the common man and Nigerian government for economic growth, employment and development. Although he is looking for profits like in any other business in the world, at least it is better to invest in your country than in any other country in the world. Investment of about $20B is not a joke even in both global North and South.
Even in the United States of America or any country in the world an investor like Aliko Dangote has decided to invest; he will be welcomed by the president of that country. Foreign Direct Investment (FDI) is the key to economic development.
Hence, the current arguments on his refinery are uncalled for, for the fact that the whole issue was instigated by the oil cabals in the country. And in an interview with Aliko Dangote had said that “oil cabals are more dangerous than drug cabals at both local and international level”.
So, the chairman of Dangote Refinery has said the truth. The oil cabals will never allow the possibility of oil availability in the country for the benefit of the people and the government. That’s the reason behind why the country’s refineries owned by the government have not been functional for quite many years. And most probably they will not relent their efforts until they make sure that democratic system has been truncated in Nigeria beyond for their own selfish interest.
*The importance of competition in capitalist market system——-
This writing said it several times that in capitalist market economy competition is as essential as oxygen, food and water for human existence. In capitalism competition creates a lot of advantages for the country such as employment opportunities for the younger generations that graduated from universities and other higher institutions of learning in the country.
In a capitalist market economy, competition has several advantages, including:
1. Innovation:
Competition drives innovation, as firms strive to develop new products, services, and processes to gain a competitive edge.
2. Efficient allocation of resources:
Competition ensures resources are allocated to their most valuable uses, as firms compete to provide goods and services that meet consumer demands.
3. Lower prices:
Competition leads to lower prices, as firms try to undercut their rivals to attract customers.
4. Improved quality:
Competition pushes firms to improve product quality, as consumers can choose from a range of options.
5. Increased choice:
Competition offers consumers a wider range of products and services, catering to diverse preferences.
6. Economic growth:
Competition stimulates economic growth, as firms invest in research, development, and expansion to stay competitive.
7. Encourages entrepreneurship:
Competition encourages entrepreneurship, as individuals and firms are incentivized to innovate and take risks.
8. Discourages monopolies:
Competition prevents monopolies, ensuring no single firm dominates the market and stifles innovation.
9. Promotes adaptability:
Competition forces firms to adapt to changing market conditions, consumer preferences, and technological advancements.
10. Enhances productivity:
Competition drives productivity, as firms strive to optimize operations and reduce costs to remain competitive. By fostering competition, capitalist market economies can create a dynamic environment that benefits consumers, drives innovation, and promotes economic growth
11. For example, since the emergence of cell phones in Nigeria in the year 2000 or so there has been no competition; most of the people that possess cell phones will not have the opportunity to get it simply because of the business monopoly of one company or the other. Competition is absolutely imperative in a capitalist system in the world.
To be continued insha’Allah
Dr. Abbati Bako,political strategist/analyst and Treasurer@ Kano State Chamber of Commerce (KACCIMA)
