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Africa’s most populated country and the world’s 26th largest economy is heading for a meltdown as a direct result of envy politics.

It was an election between a multimillionaire pro-business candidate seen as part of the establishment and a self-proclaimed hero of the masses who railed against corrupt elites and promised to fight for the little guy. While this may seem to be the story of pretty much every election nowadays since the shock victory of Donald Trump in 2016, the results of Nigeria’s recent elections contain a very important message from an imperiled country about the dangers of using socialist rhetoric and envy politics as a tool of governance. It is a story that shows how the populist tactics deployed by Trump and Alexandria Ocasio-Cortez have infected the global political discourse, becoming powerful tools for emerging dictatorships and incompetent governments to entrench themselves in power. Whether dressed up in right-wing clothes as in Trump’s case or presented as new age “socialism” as with AOC, the basic method is the same – the weaponization of envy and use of scapegoats to achieve political goals at the expense of good economics and common sense.

If the collapse of Venezuela got the world’s attention, the impending collapse of Nigeria, with six times the population of Venezuela, will be positively seismic. This is what happened, and here is how the world can learn from it.

‘POVERTY IS GOOD’

Typically decided along ethnic and religious lines, these elections took on a decidedly economic posture, with the generally prosperous South voting as one for the first time in favour of Atiku Abubakar. This was an economically liberal challenger and successful businessman who promised to introduce comprehensive cryptocurrency regulation in his campaign manifesto after Nigerians were forced to become prolific crypto traders due to the woes of the naira, which fell over 85 percent between 2014 and 2016. The largely impoverished North, however, voted almost unanimously for the famously statist incumbent Muhammadu Buhari.

Following four years of woeful economic performance, including Nigeria’s first recession in a quarter of a century, Buhari’s campaign message was no longer that fighting corruption would grow the economy – which it clearly failed to do in his first term. The message was something altogether different – that Nigerians should learn to accept poverty as the price for “fighting corruption.”
Despite being far behind where it should be on a per capita basis, Nigeria’s $411 billion economy has a significant population of US Dollar billionaires and millionaires, in addition to a large population of middle class professionals in cities like Lagos, Abuja, Port Harcourt, Enugu and Ibadan – predominantly in the country’s South. This fact is often overshadowed by the preponderance of extreme poverty, particularly in the North.

The glaring economic divide between North and South has been used alongside ethnic and religious politics in the past, but this election was the first time that no attempt was made to promise economic growth to those in need of it. Instead, the message was that poverty in Nigeria is a sign of virtue because only the “corrupt” are able to live well. Like a certain social media sensation-cum-Congresswoman across the Atlantic, Buhari was the “man of the people,” campaigning with a message that their honest poverty is not their fault and is nothing to be ashamed of.

Full details here https://www.ccn.com/the-socialist-politics-of-envy-what-the-world-can-learn-from-nigerias-unfolding-disaster