For the past few months the internet has been swamped with chatters of MMM and other mirror Ponzi schemes like Icharity, Ultimate Cycler, Zarfund and many more. People are investing and encouraging their friends and families to invest even though the Federal government has strongly advised the public to shun these platforms.
Nigeria is currently undergoing recession. Prices of goods and services have become outrageous and the rate of unemployment has increased drastically. People can no longer afford the basic needs for human sustenance. Therefore many Nigerians see these platforms as a blessing and an answer to their prayers.
So now, the million dollar question is,
‘Is MMM a blessing or curse to Nigeria?’
MMM has helped a lot of Nigerians to cope during this period by enabling them earn a lot more than they could have earned while working. People are now able to buy what they need and pay for services they require.
One the other hand, mmm also encourages laziness. One earns money by just sitting around and doing nothing. The profits gotten from these investments are then reinvested in the scheme instead of in the country’s economy. This will result in a setback for the country because there will be no activities that could help boost the economy or provide adequate goods in circulation. This implies that the more people join, the longer time it will take for the country’s economy to grow. This will eventually increase the inflation rate of goods and services because there is more money available than goods and services.
Another way to view this issue is, given the fact that there are more people than available jobs in the country, people are often exploited because of the rate of unemployment. But with this scheme, there will be more money in circulation and people can become self reliant and also invest in other ventures that will help in creating more job opportunities. Therefore if the jobs available become proportional to the workers available, Workers would therefore be given fair remuneration for their services hereby bridging the enormous gap between the rich and poor in Nigeria. But that is only if Nigerians invest. Because in a bid to satisfy wants, Nigerians are likely to save less and spend more since they have strong expectations of more returns and they don’t bother to invest neither are they willing to work.
I think MMM can be a blessing or a curse to the nation depending on how Nigerians twist it. Everyone involved in this scheme should not get carried away and have it in mind that there is no guarantee and everything can crash in a blink of an eye and if by then, no investments have been put in place, Nigerians will be in a worse place than they are now.
These are my views on the issue. Please err your views on the subject.