A lot of Nigerians are becoming increasingly interested in the topic. As an American, I'm frankly tired of hearing the two so it's unfortunate that the debate is seeping into Nigeria. Not because it's a bad debate to have, but because a lot of the misinformation being pumped out from the US about either -especially socialism- is what seems to be reaching Nigeria first. Without understanding that's happening on the ground in the US, many are being misled into strange unexamined views that will end up being dangerous for Nigeria as a whole. So, here's the raw explanation of both.


Socialism: A system of government that believes the purpose of government is to better the condition of the society.
Capitalism: An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

Two things that Americans don't understand but I hope Nigerians do.
1. They are not opposites of each other. You can have a government geared to the service of society, and an economy based on private control. This is what is common in Europe, Japan, and the US.
2. Capitalism isn't a form of government, though Socialism can be both an economic system and a government system.


Socialism believes the government should build hospitals, schools, roads, universities, police stations, courts etc.
Capitalists believe these things are best handled by the private sector.

Socialists believe in limiting the amount of wealth individuals can have in a society because it gives them undue influence and leads to monopolies and corruption.
Capitalists don't believe government should have say in economic affairs.



A mentally healthy person sees sense in both systems though one can lean in one direction or the other. The US is full of entertainers posing as experts that make videos about how one is evil and the other is good. They are doing this because it gets views on youtube. They themselves went to public school and send their children to public school, and the socialists among them run their channels like a business trying to get as much profit as possible. I have seen too many Nigerians choosing to stake a tent in a fight that they don't understand and doesn't concern them.

You cannot be Nigerian, anti-socialist, but also be mad that Buhari is building nothing, or that you have no roads and crumbling hospitals.
You cannot be Nigerian, anti-capitalist, and deny the improvements to institutions that have been privatized in the country.

Please consider your own life when making up your mind.

Thanks

also

you cannot be a capitalist if you don't own the means of production in your country. You are a member of the proliterate who happens to like the capitalists in his or her country but you're not a capitalist.