Feature/OPED
Capitalism Penitentiary, Acute Underdevelopment and Economic Civilization
By Nneka Okumazie
The ranking of knowing what to do leads to some of the toughest situations of life. Also, knowing that to know what to really do is that important is a milestone.
Not knowing what to do, and not knowing that one does not know what to do is a foundation of problems.
Knowing what to do is not often about the immediate obvious, easy reach or common choice, but the combination of unique, workable, etc. paths to whatever the problem is.
Something is internally ruining most developing countries, more than whatever perception people have about leadership or external influences.
In many developing countries, the assumption of what to do and equivalent knowledge is capitalism.
The crushing problems most of them face are of no priority so long their capitalism machine is running.
But capitalism – uniformly – is actually not a machine, but more of a prison.
The prison is not exactly elastic – but in the case it is, it expands slowly under similar conditions.
If the prison is overcapacity, it becomes far more dangerous, resources get tinnier, only a few are reached.
The economic system, not population growth, is the problem.
Preventing the need for prison is more important since it’s limited and barely advantageous, and that if it gets to the point where it has to be too full, something is collectively broken.
Wherever capitalism goes, it becomes a prison for its participant.
In prisons, for some places with certain good behaviour, they are able to learn, do better and effect some change with or without total supervision.
But for other places, it’s almost an unscrupulous turmoil down the mill.
In small communities that were most of the world through the history, trust was not that scarce. There were only a few things to want to maybe betray for.
But with capitalism infecting everywhere, trust in many places if off the available, and fear is pervasive – even in unrelated cases of negligible risk.
Capitalism, for many, is decision making. Capitalism determines compassion. Capitalism determines who or what gets abandoned. Capitalism gives a sense of purpose even when progress is adrift.
Capitalism makes it seem like – ability to purchase is the achievement, rather than to find out new ways or places where purchasing will not be necessary for some purposes.
There’re many in the assignment of capitalism who don’t exactly know what it is or about or understand its inelasticity, that segment others, with acceptance or not, depending on what capitalism reveals.
Thinking that capitalism – a uniform prison – based on standards elsewhere is what to do, makes most people favoured or disfavoured by capitalism all of few consequences in many developing countries.
There are people who keep saying to continue civilization, the knowledge to build it must be preserved. But it is possible that some people with rare consciousness became benefactors of civilization.
Such that having those people and whatever makes them emerge – mostly led to progress. But in many developing countries, they don’t have a start because the more some of their people can manoeuvre for a position or towards capitalism’s right, the farther they veer from what it takes to know what to do to start civilization, or to know that they need to know what to do.
Though other economic systems tried in the last century failed, not because uniform capitalism was better but because they actually ran on capital centrally, but changed the name of the prison generally while pretending it was not subject to capitalism conditions.
Maybe the major proponent of the system made good observations but the recommendations lacked depth, so those that accepted, experimented with it anyways, combining it with a gross political system that lead to doom.
Also, the system created winners, which maybe they assumed it wouldn’t.
They diluted capitalism because they couldn’t figure out how to totally or super minimally do without currency, suppressed supply, etc.
In some ways, capitalism ruined what education should be, because rather than education becoming a tool for true progress or a tool to sharpen consciousness for rarer qualities, education became a tool for capitalism.
There are more educated people around the world, but the education that it takes to change things, make progress or identify what progress means, is hardly obtainable.
Education funnels for capitalism prison – not towards an out for parts of it, reliably. So, mostly what is everywhere is not education, it is capitalism advantage dabble.
For developing countries not to identify most of their problems, separating from those ahead of them, might be their lasting tragedy.
There are many places in many developing countries that are not in the twenty-first century.
They may have tokens of the twenty-first century, but they’re actually living a couple of centuries removed from a millennium ago.
So, these countries with these kinds of places drive capitalism vigorously, without owning or knowing about the key?
Maybe developed countries already accepted their fate to wherever uniform capitalism would lead them, but for lots of developing countries, they are most likely unviable, eternally, so long they have total capitalism – in the form of the present.
[Psalm 120:4, Sharp arrows of the mighty, with coals of juniper.]
By Luke Kyohere
The global payments landscape is undergoing a rapid transformation. New technologies coupled with the rising demand for seamless, secure, and efficient transactions has spurred on an exciting new era of innovation and growth. With 2025 fast approaching, here are important trends that will shape the future of payments:
1. The rise of real-time payments
Until recently, real-time payments have been used in Africa for cross-border mobile money payments, but less so for traditional payments. We are seeing companies like Mastercard investing in this area, as well as central banks in Africa putting focus on this.
2. Cashless payments will increase
In 2025, we will see the continued acceleration of cashless payments across Africa. B2B payments in particular will also increase. Digital payments began between individuals but are now becoming commonplace for larger corporate transactions.
3. Digital currency will hit mainstream
In the cryptocurrency space, we will see an increase in the use of stablecoins like United States Digital Currency (USDC) and Tether (USDT) which are linked to US dollars. These will come to replace traditional cryptocurrencies as their price point is more stable. This year, many countries will begin preparing for Central Bank Digital Currencies (CBDCs), government-backed digital currencies which use blockchain.
The increased uptake of digital currencies reflects the maturity of distributed ledger technology and improved API availability.
4. Increased government oversight
As adoption of digital currencies will increase, governments will also put more focus into monitoring these flows. In particular, this will centre on companies and banks rather than individuals. The goal of this will be to control and occasionally curb runaway foreign exchange (FX) rates.
5. Business leaders buy into AI technology
In 2025, we will see many business leaders buying into AI through respected providers relying on well-researched platforms and huge data sets. Most companies don’t have the budget to invest in their own research and development in AI, so many are now opting to ‘buy’ into the technology rather than ‘build’ it themselves. Moreover, many businesses are concerned about the risks associated with data ownership and accuracy so buying software is another way to avoid this risk.
6. Continued AI Adoption in Payments
In payments, the proliferation of AI will continue to improve user experience and increase security. To detect fraud, AI is used to track patterns and payment flows in real-time. If unusual activity is detected, the technology can be used to flag or even block payments which may be fraudulent.
When it comes to user experience, we will also see AI being used to improve the interface design of payment platforms. The technology will also increasingly be used for translation for international payment platforms.
7. Rise of Super Apps
To get more from their platforms, mobile network operators are building comprehensive service platforms, integrating multiple payment experiences into a single app. This reflects the shift of many users moving from text-based services to mobile apps. Rather than offering a single service, super apps are packing many other services into a single app. For example, apps which may have previously been used primarily for lending, now have options for saving and paying bills.
8. Business strategy shift
Recent major technological changes will force business leaders to focus on much shorter prediction and reaction cycles. Because the rate of change has been unprecedented in the past year, this will force decision-makers to adapt quickly, be decisive and nimble.
As the payments space evolves, businesses, banks, and governments must continually embrace innovation, collaboration, and prioritise customer needs. These efforts build a more inclusive, secure, and efficient payment system that supports local to global economic growth – enabling true financial inclusion across borders.
Luke Kyohere is the Group Chief Product and Innovation Officer at Onafriq
In a heartfelt statement released today, the Conference of Nigeria Political Parties (CNPP) has extended its warmest congratulations to Ghana’s President-Elect, emphasizing the importance of learning from Ghana’s recent electoral success as Nigeria gears up for its 2027 general elections.
In a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, the CNPP highlighted the need for Nigeria to reclaim its status as a leader in democratic governance in Africa.
“The recent victory of Ghana’s President-Elect is a testament to the maturity and resilience of Ghana’s democracy,” the CNPP stated. “As we celebrate this achievement, we must reflect on the lessons that Nigeria can learn from our West African neighbour.”
The CNPP’s message underscored the significance of free, fair, and credible elections, a standard that Ghana has set and one that Nigeria has previously achieved under former President Goodluck Jonathan in 2015. “It is high time for Nigeria to reclaim its position as a beacon of democracy in Africa,” the CNPP asserted, calling for a renewed commitment to the electoral process.
Central to CNPP’s message is the insistence that “the will of the people must be supreme in Nigeria’s electoral processes.” The umbrella body of all registered political parties and political associations in Nigeria CNPP emphasized the necessity of an electoral system that genuinely reflects the wishes of the Nigerian populace. “We must strive to create an environment where elections are free from manipulation, violence, and intimidation,” the CNPP urged, calling on the Independent National Electoral Commission (INEC) to take decisive action to ensure the integrity of the electoral process.
The CNPP also expressed concern over premature declarations regarding the 2027 elections, stating, “It is disheartening to note that some individuals are already announcing that there is no vacancy in Aso Rock in 2027. This kind of statement not only undermines the democratic principles that our nation holds dear but also distracts from the pressing need for the current administration to earn the trust of the electorate.”
The CNPP viewed the upcoming elections as a pivotal moment for Nigeria. “The 2027 general elections present a unique opportunity for Nigeria to reclaim its position as a leader in democratic governance in Africa,” it remarked. The body called on all stakeholders — including the executive, legislature, judiciary, the Independent National Electoral Commission (INEC), and civil society organisations — to collaborate in ensuring that elections are transparent, credible, and reflective of the will of the Nigerian people.
As the most populous African country prepares for the 2027 elections, the CNPP urged all Nigerians to remain vigilant and committed to democratic principles. “We must work together to ensure that our elections are free from violence, intimidation, and manipulation,” the statement stated, reaffirming the CNPP’s commitment to promoting a peaceful and credible electoral process.
In conclusion, the CNPP congratulated the President-Elect of Ghana and the Ghanaian people on their remarkable achievements.
“We look forward to learning from their experience and working together to strengthen democracy in our region,” the CNPP concluded.
By Kenechukwu Aguolu
The proposed tax reform, involving four tax bills introduced by the Federal Government, has received significant criticism. Notably, it was rejected by the Governors’ Forum but was still forwarded to the National Assembly. Unlike the various bold economic decisions made by this government, concessions will likely need to be made on these tax reforms, which involve legislative amendments and therefore cannot be imposed by the executive. This article highlights the purposes of taxation, the qualities of a good tax system, and some of the implications of the proposed tax reforms.
One of the major purposes of taxation is to generate revenue for the government to finance its activities. A good tax system should raise sufficient revenue for the government to fund its operations, and support economic and infrastructural development. For any country to achieve meaningful progress, its tax-to-GDP ratio should be at least 15%. Currently, Nigeria’s tax-to-GDP ratio is less than 11%. The proposed tax reforms aim to increase this ratio to 18% within the next three years.
A good tax system should also promote income redistribution and equality by implementing progressive tax policies. In line with this, the proposed tax reforms favour low-income earners. For example, individuals earning less than one million naira annually are exempted from personal income tax. Additionally, essential goods and services such as food, accommodation, and transportation, which constitute a significant portion of household consumption for low- and middle-income groups, are to be exempted from VAT.
In addition to equality, a good tax system should ensure equity and fairness, a key area of contention surrounding the proposed reforms. If implemented, the amendments to the Value Added Tax could lead to a significant reduction in the federal allocation for some states; impairing their ability to finance government operations and development projects. The VAT amendments should be holistically revisited to promote fairness and national unity.
The establishment of a single agency to collect government taxes, the Nigeria Revenue Service, could reduce loopholes that have previously resulted in revenue losses, provided proper controls are put in place. It is logically easier to monitor revenue collection by one agency than by multiple agencies. However, this is not a magical solution. With automation, revenue collection can be seamless whether it is managed by one agency or several, as long as monitoring and accountability measures are implemented effectively.
The proposed tax reforms by the Federal Government are well-intentioned. However, all concerns raised by Nigerians should be looked into, and concessions should be made where necessary. Policies are more effective when they are adapted to suit the unique characteristics of a nation, rather than adopted wholesale. A good tax system should aim to raise sufficient revenue, ensure equitable income distribution, and promote equality, equity, and fairness.
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