Most of you who went to Nigerian universities will no doubt agree that socialism has constantly been the flagship economic ideology of the typical Nigerian student. In larger society our labour movements have thrived on the strength of a conspiracy to perpetually impoverish the masses. Religious institutions, especially churches are not spared the accusations of indulging the gap between the rich and poor.

Africans students largely revolted against capitalism during the 60s and 70s largely with the backing communists from Russia who infiltrated our unions and student bodies. Various military dictatorships in Africa rode on that crest to enact laws and legacies that remain with us today.

What is now the gain in having been socialistic? In Nigeria, the appropriation of mineral rights to the Federal Govt and the nationalization of various industries are demonstrations of our socialistic tendencies. How have we fared with those choices, as compared for instance with Asian countries, some of who came to understudy our work methods and for whom we have largely become a dumping ground today and who do not mince words about their belief in capitalism? Note that in Asia too the socialist economies remain the most backward just as in Europe and Latin America.

Have we been deceived by those who sought to gain power under any guise? Is capitalism truly evil?

In Europe before the advent of "modern" capitalism there was a feudal system in existence. The advent of science and increased liberties led to a crossroad of choices for Europeans, between socialism and capitalism. In Africa, we had not recovered from the feudal structures that existed before capitalism was thrust on us. Indeed, socialism could not be implented except largely on government and foreign owned property.

Haven't we been taken for a ride? Isn't it the nationalized structures in Nigeria that breed the most corruption? Except for a few outstanding union leaders, isn't it obvious that people are merely pursuing their personal interest under the guise of pursuing people's interest? Even in China information on the new General Secretary is being censored because his family members are multibillionaires.

Why do Africans demonize capitalism and describe industrial leaders with derogatory socialist terminologies that are unfounded?

Capitalism is accountable for the ever expanding wide gap between poor and rich. Nigeria to me is the most capitalist state. Cement costs 200 naira per bag if imported but Dangote and co are selling it for how much? Capitalism cripples the hands of government to regulate while "industrialists" exploit the masses..

Even, America doesn't practice capitalism on the scale Nigeria does. Nigeria is man for himself, big fish take small fish. Look, Dangote and co can fix prices without any regulatory body to fine them.. Adenuga can decide to buy up all of Etisalat assets and merge without any regulatory body, examining or checking how the merger will affect the competition.

Our law makers will protect businesses before protecting consumers. Banks can decide to charge any amount for any service they offer without any regulatory body to check if the extortion is worth it. It costs MTN, 5 kobo/minute for calls but you are paying more than 300% of that. No consumer protection agency to look into the extortion.. Ain't nothing anyone can tell me, Nigeria is the most capitalist state in the world.

Even America championing capitalism still give food stamps and other social "safety nets" which are socialist practices.. So yeah, how good is this highly capitalist state called Nigeria where prices of goods are not regulated, business practices are ungoverned? Yes you have Nigeria!

I double dare America or any nation to go full throttle capitalism.. They preach Capitalism to the world because that's the only way they can exploit any economy or people. China practices "state capitalism" to protect her self. Capitalism in it's pure form is pure exploit of economy and people negatively.

Why capitalism is bad is because there are limited amount of resources available to an economy any economy. What capitalism allows is the exploitation of those limited resources in the hands of those who can afford them not those who have a dream...

Of the 500 American Billionaires, 98% of them are children of millionaires and billionaires.. Don't take my word for it, go figure.. Wealth is easily controlled by a few in a capitalist state even the moderately capitalist states..

Peace

I will agree with you that if assets are being nationalized in the name of "We, the people of Nigeria", that we deserve to be entitled to social bebefits in the areas of health, education, unemployment, retirement etc. This model can be expensive to run even for the richest economies but that should not be an excuse for the Nigerian government.

That said, I need you to note that our reality is that we have laws showing that our government is people oriented while in reality like you said industrialists have hijacked the process.

Nevertheless Nigeria is not practicing capitalism. This is what I sought to clarify on this thread. What we are practicing is selective applications of economic ideologies that suits the interest of the Federal Government, the people in power, or their constituencies.

Meanwhile, you cited various people who are taking advantage of the masses. But you are not citing people who are supposed to be pro-socialist who are also taking advantage of the masses. This is worse as it is betrayal of so many things, something that the so-called capitalist do not pretend about.

Also noted that it was under socialist/ nationalized handling that a lot of our industries were poorly managed and had to be resold to these people to ensure they get us the value we want from them.

@Olumide

Do not even try to insinuate capitalism is the reason people are poor or rich. It is even laughable to suggest that capitalism is accountable for the ever expanding wide gap between poor and rich.

Poverty or affluence depends on individual abilities and mental alertness. I guess socialism was accountable for the widest gap known to human between poor and rich.