Economic Issues
Our Economy Today: Crony Capitalism Or A Free Market System -By Kareem Itunu Azeez
When the news become trending about Dangotes latest fit which is in progress, about building the biggest one man own refinery, some Nigerians were happy, some weren’t for reasons best known to them, Some were already tagging this business tycoon as a living example of what crony capitalism signifies, a situation whereby some selected few own majority of the means of production, they are the modern bourgeois, or let’s refer to them as the “Economic Cabals” Meanwhile some only anticipates for another scarce job opportunities , and we’re made to believe that to some largest level, our oil will be refined and processed here…. Dangote continuously make the rounds, that’s a big capitalist, biggest in the whole of Africa, fortunately a Nigerian.
Like Dangote we also have the Mike Adenugas’ the communication guru, driving also into the oil wells, no point mentioning names as the list is endless. Then again we now have another set of people……
Let’s view another option trending in Nigeria lately by mere observation…..
So like uber, we now have go-
Now let me take you down to tertiary institution, students lately now offer service in the frame of buying things for people, and been paid for it, stuffs like foods, clothes, from one restaurants to another, all in the same university, what happen here is, the rich and lazy pay for the needy and active. In the same system.
It’s also no longer news that Nigeria has the highest number of university graduate, working off their field of study in fact, working outside the education system they spent hundreds of thousands naira on… The case of the chairman of slot is a good example of what I mean. Let us pause giving examples for now, and shed more light into this story.
Until recently, Nigerians particularly the once anticipated lazy youths Would ordinarily not think outside of the box, we are all used to the white collar jobs immediately after convocation, but two to three years ago, this story has changed.
The recession which hitted the economy unaware really brought out the dynamism of the Yoruba phrase, “Ole nikan lo ba omo je” translated, it’s only stealing that dents your image as an individual, when talking about survival.
It’s highly unfortunate, that while Donald Trump of America in a recent tweet, congratulating young graduates and encouraging them how best a time it is for them to graduate, telling them it’s the best job market ever and a hope for a better future already in place. Now back home, while the electorate are sharing the countries cake, and dipping their hands in the cooky-jar with no one to ask for accountability. The Nigerian graduates are the one left to motivate themselves into venturing into a world they weren’t used to. Now even at convocation centers, you likely will hear the questions, hope the latest graduands perform their entrepreneurship program while in school, simply because outside there is fiercely competitive.
One thing I am seeking answers for is, should we say, this gross joblessness, university graduate, youths super physically fit individuals, young and beautiful women are a plus to the market system or a Disaster in disguise in time to come.
While the country is trekking out of recession gradually, I mean in theory, we are not in recession but in reality, we are deeply in waters of recession, judging by all magnitude you could use to judge. Then back to my intuition, should we call this latest trend, of everyone owning a business an era of full capitalism or just some free market system borne out of
Capitalism, as we know is an economic system based upon private ownership of all properties, including wealth creating
The reality about the Nigeria wealth system is, while the rich
Lekan Sote completely nailed it,
The Nigeria people in my view are purely capitalist and
I hope the Nigerian government would completely shift away from this crony system to a freer and a more fairer economy where there’s equal business opportunities
ikareemazeez@yahoo.com
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