Capitalism can be defined as an economic system where ownership of the means of production (land, labour, capital and enterprise) is concentrated in the hands of private individuals. Conversely, a socialist system can be viewed as an economic system wherein collective ownership of the means of production and the economy is centrally planned by the government. While some are of the view that Nigeria’s economic salvation is perhaps rooted in this concept of capitalism, others hold a contrary opinion demonising capitalism and calling for its eradication altogether. My proposition is simple- I believe that neither view is correct and the ideal solution is perhaps a hybrid of the two economic systems.
Please click on the link to continue reading this article.

This article was written by our senior legal consultant, Dr Oluwafifehan Ogunde.
For more information about this paper, please send an email to info@wemimo-ogunde.com or you can contact Dr Fife directly at fifeogunde@gmail.com.