Opinion: The Nigerian Paradox of Declining Income and Increasing Taxation, By Ehireme Alexis Uddin
For businesses, it is no better. Whilst bike hailing became a booming business thanks to Fahim Saleh and Deji Oduntan, the Lagos State government immediately set up a plan that would see them paying an annual licensing fee of about N25 million in the name of regulation. In 2019, it was a US$2 billion claim for back taxes against MTN and a few weeks ago it was NIPOST trying to force a licensing fee on domestic courier services.
After a while the Nigerian government, state governments and their agencies begin to resemble vultures. Our state waits for hardworking people to figure out the solution to a problem it has created and refuses to resolve, watches them thrive in this and then swoops in to take a huge chunk after the innovators have barely started to thrive.
After a while the Nigerian government, state governments and their agencies begin to resemble vultures. Our state waits for hardworking people to figure out the solution to a problem it has created and refuses to resolve, watches them thrive in this and then swoops in to take a huge chunk after the innovators have barely started to thrive. Is tax important? Yes. But not when it always comes in the form of a money grab.
In 2019, in supposed retaliation for xenophobic attacks in South Africa, which resulted in Nigerian run businesses being burgled and destroyed, Nairametrics reported that Shoprite Nigeria lost 8.1 per cent of sales. Fast forward to August 2020 and Shoprite is leaving Nigeria; and I am having an existential crisis because that is probably my most visited place in Lagos. And before anyone says, “but there’s Spar”, I am very big on consumer loyalty, so let me grieve in peace.
What I find laughable and somewhat interesting is the idea that some people have that the exit of the retail giant is somehow an opportunity for Nigerian businesses to step in and take their place. Sorry to break it to people of that school of thought, but in my opinion, feet don’t grow that fast and if anyone was going to be as big as Shoprite so fast, they would have already done it. Their exiting the market does not suddenly create the capital for such a large-scale expansion.
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