Ingenious Nigerian Entrepreneurs, Dodd–Frank, And Obamacare

Many foreigners express a deep sense of wonderment and admiration at the ingenuity, resourcefulness, and creativity of entrepreneurs who succeed against all odds in countries that impose prohibitive barriers against private enterprise. A classic example of such a country is Nigeria, one of the world’s top producers and exporters of crude oil. The West African country managed to squander hundreds of billions of its immense oil wealth over several decades through continuous misrule. While Nigeria is hardly alone in suffering from uninterrupted bad governance, the massive scale of incompetence and corruption — wholesale theft is the most accurate description — is mindboggling. Nigeria has to import most of its gasoline despite being a large oil exporter, due to lack of refining capacity. Most damningly, ordinary Nigerians have enjoyed almost no benefit from their country’s huge oil wealth, all of which has been captured by a small clique of top government officials and their cronies…