Connect with us

OPINION

We Cannot All be Capitalists

Published

on

Share

By Ibrahim Shelleng

Imagine Nigeria’s business landscape as a vibrant marketplace. Bustling stalls overflow with ideas, but everyone’s selling the same “hustle” brand. This brand is headquartered in the city of Lagos, Nigeria, where no body is welcomed but rather reminded that “This is Lagos!” and “Eko o ni baje!”, a colloquial phrase that loosely translates to Lagos will prevail.

Therefore, those that are caught in the hustle and bustle either by default or design, seemingly have no choice but to embrace its energy.

 Everybody must hustle! This has undoubtedly played a part in birthing some of the wealthiest individuals in Africa and has largely contributed to Lagos alone being amongst the top 10 largest economies in Africa but amidst such opulence lies an underbelly of abject poverty.

Kano, an ancient city in the Northern part of Nigeria, is also known for its hustle culture but rather than the cutthroat Lagos version, the hustle tends to be tempered by a combination of an ancient feudal system, intertwined with strong Shariah (Islamic) principles. Whilst it could be argued that this may limit the city’s potential for economic growth, it has potentially put a lid on a boiling pot of a city known for social unrest especially during economic downturns.

Therefore, the statement “We cannot all be capitalists” might sound counterintuitive in a world seemingly driven by market forces. But for a nation like Nigeria, with its complex social fabric and diverse needs, a singular focus on capitalism risks overlooking valuable alternatives that could unlock its true economic potential. Diversity is not just about culture and traditions; it extends to our economic perspectives too.

Imagine a world where everyone is a capitalist, chasing profits and bottom lines without considering the broader impact. That’s not a recipe for success; it’s a ticket to economic imbalance and inequality. While free markets undeniably fuel innovation and growth, embracing a broader spectrum of economic views can foster a more inclusive, sustainable, and ultimately stronger business environment. So, let’s shake things up a bit and explore how different economic views can contribute to a more robust and inclusive business environment in Nigeria.

Capitalism, undoubtedly, has been a driving force behind economic growth and entrepreneurship globally. In Nigeria, it has manifested in the form of ambitious startups, job creation, and an ethos of competition that propels industries forward. The pursuit of profit has led to innovation, efficiency, and a dynamic market. However, an economy dominated solely by capitalism can be a double-edged sword. It has presented the following challenges:

Widening Inequality:Unfettered capitalism, while generating wealth, often concentrates it in the hands of a few, exacerbating inequality, a significant concern in Nigeria. The Gini coefficient, a measure of income disparity, shows Nigeria ranking poorly, highlighting the need for alternative approaches that prioritize equitable distribution.

Neglecting Social Needs: The relentless pursuit of profit can overlook crucial social needs like healthcare, education, security and infrastructure. While private enterprises play a role, solely relying on them often leaves these areas underfunded, hindering human development and societal progress.

Environmental Degradation: The single-minded focus on maximising profit can lead to unsustainable practices, harming the environment. Nigeria faces deforestation, pollution, and climate change, demanding economic models that prioritise environmental well-being alongside economic growth.

The Socially Conscious Paradigm

This is where the value of exploring different economic views lies. By acknowledging the limitations of a single model, Nigeria can unlock a wider range of solutions that cater to its unique needs and aspirations. Here are some key alternative perspectives to consider:

Social Democracy: This model emphasises a strong role for government in providing social safety nets, ensuring equitable access to education and healthcare, and promoting fair labour practices. This can help address income inequality and create a more inclusive business environment where everyone has a chance to participate and contribute.

Cooperative Movement: Promoting cooperatives, where workers or communities own and manage businesses, can foster economic empowerment and shared prosperity. This model aligns with Nigeria’s existing communal values and can be particularly effective in rural areas where access to traditional capital might be limited.

Green Economy: Transitioning towards a green economy that prioritises sustainability and environmental protection can create new business opportunities while mitigating climate change risks. This involves investing in renewable energy, promoting eco-friendly practices, and ensuring responsible resource management.

Inclusive Capitalism: Recognising the need for social responsibility within the capitalist framework. This involves ethical business practices, fair wages, and investing in communities where businesses operate. This can help mitigate the negative aspects of unbridled capitalism and create a more sustainable business environment.

Benefits of a Pluralistic Approach

Embracing a diversity of economic views promises numerous benefits for Nigeria’s business environment:

Resilience in the Face of Challenges: Economic diversity acts as a shield against unforeseen challenges. In a world where uncertainties abound, having a mix of economic perspectives ensures that the nation is not overly reliant on one approach. A diverse economic portfolio fosters resilience, mitigating risks and providing stability in times of economic turbulence.

Inclusivity and Social Progress: Not everyone possesses the inclination or means to be a capitalist. By embracing diverse economic views, we create an inclusive environment where individuals with varied strengths and aspirations can contribute meaningfully. This inclusivity becomes a driving force for social progress, addressing disparities and empowering marginalised communities.

Catalyst for Innovation: Diversity is the cradle of innovation. Different economic views bring forth varied ideas and perspectives, creating a fertile ground for creativity. A harmonious blend of capitalism, social consciousness, and a mixed economy can spark innovation, positioning Nigeria as a frontrunner in the global marketplace.

Environmental Sustainability: Socially conscious businesses often prioritize sustainability, recognizing the interconnectedness of economic prosperity and environmental well-being. By incorporating these principles into the economic landscape, Nigeria can set a precedent for responsible growth that considers the long-term impact on the planet.

Global Competitiveness: A diverse economic landscape enhances global competitiveness. By showcasing a well-balanced approach, Nigeria becomes an attractive destination for international investments. The ability to adapt and integrate different economic perspectives positions the nation as a dynamic player on the global stage.

The Path Forward: A Unified Approach

Acknowledging the importance of economic diversity is only the first step. The path forward requires a concerted effort from all stakeholders – government, businesses, and citizens alike.

Governmental Policies and Regulations: The government plays a pivotal role in shaping the economic landscape. Crafting policies that encourage a balanced approach, fostering competition while safeguarding against exploitation, is paramount. Regulatory frameworks should incentivise socially conscious initiatives and provide a level playing field for businesses of all sizes. By this inference, the government cannot be fully capitalist.

Education and Awareness: Generating awareness among the general population is crucial. Understanding the benefits of economic diversity empowers citizens to make informed choices as consumers and entrepreneurs. Educational programs that highlight the importance of different economic perspectives can be instrumental in shaping a more economically literate society.

Collaboration and Knowledge Sharing: Businesses can lead the charge by embracing collaboration and knowledge sharing. Learning from the successes and challenges of different economic models allows for a more nuanced and informed approach. Networking and partnerships between capitalist, socially conscious, and mixed economy enterprises can lead to a more interconnected and resilient business ecosystem.

Corporate Social Responsibility (CSR): Businesses, regardless of their economic philosophy, should integrate CSR into their core values. Contributing positively to the communities they operate in ensures a symbiotic relationship between business success and societal well-being. CSR initiatives can bridge the gap between profit-driven motives and social responsibility, creating a holistic business environment.

Continuous Adaptation: Economic landscapes are dynamic, and adaptability is key. Embracing economic diversity requires a commitment to continuous adaptation. Businesses and policymakers must be willing to evolve, incorporating the best elements from different economic perspectives to address the ever-changing needs of society.

Nigeria’s economic future is not predetermined. By acknowledging the limitations of a single model and embracing a wider spectrum of economic views, the nation can unlock its full potential and create a business environment that benefits all. This is not about abandoning capitalism entirely, but rather about recognizing its limitations and seeking complementary solutions that foster a more inclusive, sustainable, and equitable future for all Nigerians.

Shelleng is a business development consultant, chartered stockbroker (ACS) and an associate member of the Chartered Institute for Securities and Investments (CISI) UK.

OPINION

Oyo School Abductions: Time for Concrete Action Against Terrorism

Published

on

Share

By Tochukwu Jimo Obi

The recent kidnapping of students and teachers in Oriire Local Government Area of Oyo State has once again exposed the frightening state of insecurity confronting Nigeria. Condemnations have continued to trail Friday’s bandits’ attack on three schools in the area, where an unspecified number of students and teachers were abducted, while two persons were reportedly killed.

The tragedy has left families devastated and communities gripped by fear, as another painful chapter is added to the growing list of violent attacks across the country.

The attack, which occurred on May 16, saw armed bandits storm the community and abduct staff, students, and pupils from three schools; Community Grammar School, Baptist Nursery and Primary School, and L.

A. Primary School. Eyewitness accounts revealed that the attackers operated for hours without resistance, moving freely through the area while terrified residents watched helplessly. The incident has raised serious concerns about the safety of schools and the preparedness of security agencies to respond swiftly to emergencies.

Worst of all, one of the teachers kidnapped during the attack was reportedly beheaded by the terrorists, a horrifying development that has deepened public outrage. Such brutality underscores the dangerous evolution of criminal activities in Nigeria, where terrorists and bandits now operate with alarming boldness and cruelty. The gruesome killing has further strengthened calls for urgent and decisive action from government authorities at all levels.

This unfortunate incident of school attacks is happening yet again despite repeated assurances from security agencies that schools across the country are safe. Nigerians have continued to hear promises of improved intelligence gathering, stronger patrols, and enhanced protection for vulnerable communities, yet attacks persist with devastating consequences. The contradiction between official assurances and the reality on the ground has weakened public confidence in the nation’s security architecture.

Another disturbing trend is that insecurity is rapidly spreading into the South-West region, an area once considered relatively safer compared to other parts of the country. Reports of Lakurawa terrorists and other armed groups establishing footholds in parts of the region have heightened fears that criminal networks are expanding their operations unchecked. The Oyo school kidnapping has therefore become more than a local tragedy; it is a warning sign that no region in Nigeria can afford to feel immune from terrorism and banditry.

Every now and then, government officials continue to assure citizens that security agencies are on top of the situation, yet many innocent people are still being killed and abducted with little or no arrests made afterward. More troubling is the fact that these attacks reportedly lasted for over two hours without any intervention from security operatives. This glaring security failure leaves Nigerians asking difficult but necessary questions about the nation’s emergency response capabilities.

How could terrorists, moving in large numbers on motorbikes, invade communities, abduct many people, and still escape without being tracked, stopped, or pursued effectively? What then are the military aircraft and advanced security equipment acquired with public funds meant for if they cannot be quickly deployed during emergencies? These are questions that citizens deserve answers to, especially as insecurity continues to consume lives and livelihoods across the country.

The Oyo incident has once again strengthened arguments for the establishment of state police across Nigeria. It is now obvious and evidently clear that the country’s centralized security structure requires urgent decentralization, similar to what operates in many secure nations around the world. State policing, if properly regulated and managed, could improve intelligence gathering, rapid response, and community-based security operations, particularly in rural areas that are often neglected under the current system.

It is no longer enough for leaders to merely condemn these attacks without taking concrete and sustained actions to secure the nation. President Bola Tinubu, as Commander-in-Chief of the Armed Forces, must urgently engage all stakeholders in the security sector, including international partners where necessary, to ensure that these terrorists are decisively defeated.

Government must also ensure that budgeted funds meant for security agencies, especially for the purchase of military hardware and equipment, are fully released and properly utilized. Beyond military action, authorities must intensify efforts to prevent the recruitment of vulnerable youths into criminal and terrorist groups. Nigerians are tired of mourning innocent victims. These killings must stop.

Tochukwu Jimo Obi, a concerned Nigerian writes from Obosi Anambra state.

Continue Reading

OPINION

Museveni’s Seventh Term and Africa’s Gerontocracy Debate

Published

on

Share

By Fortune Abang

Uganda’s President Yoweri Museveni, 81, sworn in for a seventh term after nearly four decades in power, has once again intensified debate over gerontocracy and political succession in Africa.

Museveni, who first assumed office in 1986, has now extended his rule into a fifth decade, making him one of the world’s longest-serving heads of state.

His latest mandate, expected to run until 2031, follows the January 2026 election in which he secured about 71.65 per cent of the vote, according to official results, defeating opposition leader Robert Kyagulanyi, popularly known as Bobi Wine.

His continued stay in power has been enabled by key constitutional changes over time, including the removal of presidential term limits in 2005 and the abolition of the presidential age ceiling in 2017, reforms that effectively removed legal restrictions on tenure.

Across Africa, analysts say Uganda reflects a broader governance pattern in which long-serving leaders consolidate authority over extended periods.

Comparable examples often cited include Cameroon’s Paul Biya, in power since 1982, and Congo-Brazzaville’s Denis Sassou Nguesso, who first assumed office in 1979, both of whom have also presided over decades of uninterrupted or repeatedly renewed rule.

While Museveni’s supporters argue that his leadership has provided continuity and relative stability in a region frequently affected by conflict, critics say prolonged incumbency has gradually narrowed political competition and weakened institutional independence.

Uganda has maintained a degree of internal stability and played active roles in regional diplomacy and security operations in East and Central Africa.

Supporters point to these outcomes as evidence that long-term leadership can deliver policy continuity and state cohesion.

However, opposition voices and analysts argue that stability has come at a democratic cost, pointing to declining electoral competitiveness, constrained civic space and increasing centralisation of power around the executive.

The debate intensified after the removal of presidential term limits in 2005, followed by the scrapping of the age ceiling in 2017, which together removed two major constitutional barriers to leadership rotation.

These changes have been widely cited by governance analysts as pivotal in reshaping Uganda’s democratic structure.

In the January 2026 election, Museveni again defeated Bobi Wine, who garnered roughly 24.7 per cent of the vote, amid allegations from the opposition of irregularities and political repression during the electoral process.

Supporters of Museveni argue that his long rule has enabled economic transformation, infrastructure development and strengthened Uganda’s role in regional diplomacy.

Some regional leaders, including Burundi’s President Évariste Ndayishimiye, have previously described him as a stabilising figure in East Africa, crediting Uganda with supporting peace processes and regional cooperation.

Yet, critics argue that prolonged rule risks institutional stagnation, where governance structures become overly dependent on individual leadership rather than strong, independent institutions.

Analysts warn that this can weaken succession systems and limit democratic renewal.

A foreign policy analyst, speaking anonymously, said prolonged leadership can normalise “institutional dependence on individuals rather than systems,” arguing that such conditions undermine long-term democratic consolidation.

“No nation can sustainably develop when power remains concentrated in the same hands for decades while institutions fail to mature independently,” he said.

Beyond Uganda, Africa continues to record some of the world’s longest-serving leaders, reinforcing concerns about generational turnover in governance.

In several of these systems, electoral competition remains limited and constitutional reforms have often coincided with extended presidential tenure.

Foreign affairs commentator Collins Nweke argues that the central issue is not age itself, but accountability and leadership renewal, noting that political systems weaken when succession is delayed or constrained.

Other analysts emphasise the importance of civic awareness and institutional safeguards, particularly term limits, which they describe as critical tools for preventing excessive concentration of power.

A diplomat, also speaking on condition of anonymity, called for stronger electoral transparency mechanisms, including credible voter registration systems, independent election management bodies, and robust domestic and international observation frameworks.

An academic, who spoke on condition of anonymity, said stronger civic awareness could help societies resist unconstitutional tenure elongation.

“When citizens are politically informed and organised, sit-tight ambitions lose legitimacy and public support,” he said.

Museveni’s seventh term therefore reflects a wider continental tension between political continuity and democratic renewal, raising questions about whether African democracies are evolving toward stronger institutions or settling into prolonged cycles of personalised rule.

For supporters, his leadership represents stability in a volatile region.

For critics, it signals the entrenchment of gerontocracy and weakening democratic competition.

Between these positions lies a structural challenge that extends beyond Uganda; whether institutions in African states are strong enough to outlast individuals and guarantee orderly political succession. (NAN)

Continue Reading

OPINION

Driving Africa’s Fair Energy Transition through Technology and Innovation

Published

on

Share

By Bart Nnaji

Africa’s energy journey is often portrayed as a stark choice between climate responsibility and development. In reality, the continent faces a more nuanced challenge: finding a fair, gradual energy transition that matches its unique needs and ambitions.

Technology and innovation can drive this change, helping secure affordable and sustainable energy for all.

In the coming decades, Africa’s population is expected to soar to nearly 2.5 billion. Cities will grow. Industries will expand. Digital connections will multiply. The demand for energy will increase significantly.

Right now, expecting Africa to abandon fossil fuels overnight is neither realistic nor fair. In the near future, fossil fuels remain crucial for base power that is reliable, and affordable. In particular, natural gas is key transition fuel that will remain the base power solution for the next decade. Africa must not embrace renewable energy primarily when they have abundance of fossil fuel for their industrialization as other emerging and emerged nations have done. A just energy transition recognises these realities and seeks ways to build cleaner, more resilient systems over time.

Technology as the Enabler of Africa’s Energy Future

Exciting new technologies are already reshaping Africa’s energy landscape:

Decentralised solutions, like mini-grids, off-grid solar, and batteries, bring electricity to places traditional grids can’t reach. By 2030, these distributed renewables could provide most new connections in underserved communities.

Smart grids and AI-driven management can reduce waste. They help utilities serve people better.

Modern batteries ensure that solar and wind energy can be delivered steadily, even when the sun isn’t shining or the wind isn’t blowing.

Decentralised approaches are essential to Africa’s path toward universal energy access. While technology is not a fix-all solution, it is a crucial enabler of efficiency, resilience, and affordability, shaping Africa’s energy future.

African entrepreneurs are leading much of this change. They’re developing solutions that meet local needs, such as pay-as-you-go solar, community-run mini-grids, and mobile payment platforms. These innovations don’t just bring power; they create jobs, build skills, and reap economic benefits for the continent.

But innovation alone isn’t enough. Investment is critical. According to the International Energy Agency, Africa needs about $90 billion annually to achieve a successful energy transition, but current funding falls short. Governments can help by setting clear, supportive policies that attract investment and make projects more affordable. Organisations like the African Development Bank say grid investment must rise dramatically, and clean energy spending should double by 2030 to keep up with growing demand.

From Energy Access to Economic and Human Impact

Reliable energy is more than just a technical necessity – it’s what fuels industrial growth. Picture the continent’s factories buzzing with activity, transport networks connecting people and goods, and data centres powering a vibrant digital economy.

Expanding decentralised solutions brings light to places that have been left in the dark for too long. It’s about giving children a place to study at night, helping clinics store vaccines safely, and empowering entrepreneurs to launch new businesses.

Of course, none of this works in isolation. Supportive policies, strong regulations, and partnerships between governments and private companies are essential. When African countries harmonise their rules and work together, they can create bigger markets. This draws even more investment and innovation.

Ultimately, Africa’s energy transition must be shaped by Africans themselves. The path forward is about collaboration, pragmatism, and investing in homegrown solutions. Africa’s mobile phone revolution showed the world how quickly the continent can leapfrog old systems. The same can happen with energy; by embracing flexible, tech-driven models that serve today’s and tomorrow’s needs.

Now is the time to come together to act boldly and invest in Africa’s energy future. By uniting efforts, we can turn potential into progress, ensuring resilient, inclusive, and sustainable energy for generations to come. Let’s power Africa’s future, together.

Prof. Bart O. Nnaji FAS, FA Eng. CON, NNOM – Founder/Chairman, Geometric Power Limited and former Nigerian Minister of Power

Continue Reading

Advertisement

Top Stories

NEWS14 hours ago

Stakeholders Seek Better Healthcare Access for Benue Adolescent Girls

ShareBy Attah Ede, Makurdi Adolescent Girls and Young Women (AGYW) in Benue State have been urged to speak out against...

NEWS1 day ago

Nigeria Customs Hosts Diplomatic Reception to Strengthen Global Partnerships, Trade Relations

ShareBy Tambaya Julius, Abuja The Nigeria Customs Service (NCS) on 3 June 2026 hosted a high-level diplomatic cocktail reception in...

NEWS3 days ago

Tinubu To Commission Fruit Juice Factories, BIPC Motorcycle Assembly Plant In Benue

ShareFrom Attah Ede, Makurdi  President Ahmed Bola Tinubu is set to visit Benue State to commission the newly built ultra modern Bensono Concentrate Plant, Benva Juice Factory, and the Motorcycle Assembly...

NEWS3 days ago

Dangote Refinery Surpasses Capacity Target, Eyes 1.4m bpd Expansion

ShareBy David Torough, Abuja Dangote Petroleum Refinery and Petrochemicals has achieved a major operational milestone by increasing its crude oil processing capacity to 700,000 barrels...

Uncategorized4 days ago

Alia Appoints New Acting Head of Service in Benue

ShareFrom Attah Ede, Makurdi Benue State Governor, Rev Fr .Hyacinth Alia has approved the appointment of Dr. Ihu Eunice Ogbenyi as new Acting Head of Service (HoS)...

SPORTS4 days ago

Oshonaike Hails Steady Progress of Nigerian Table Tennis Players

ShareSeven-time Olympian Olufunke Oshonaike said Nigerian table tennis players are making steady progress in spite of the challenges they face in competing...

Foreign News4 days ago

Poland Bans Smartphones in Primary Schools

SharePoland plans to ban mobile phones in all primary schools from next academic year under draft legislation approved by the government on Tuesday. The...

NEWS4 days ago

Reps Minority Picks Ugochinyere as New Leader

ShareBy Ubong Ukpong, Abuja Following the defection of the former minority Leader of the House of Representatives, Kingsley Chinda, the minority caucus has nominated Hon. Ikenga...

NEWS4 days ago

Kano Revokes Private School Licences over Sexual Abuse

ShareFrom Aliyu Askira, Kano The Ungogo Local Government Area of Kano State has withdrawn the licences of all private schools within its jurisdiction following allegations that...

NEWS4 days ago

CBN Approves Regular Commercial Operations for Abbey Mortgage Bank 

ShareBy Tony Obiechina, Abuja Abbey Mortgage Bank Plc, one of Nigeria’s longest‑standing primary mortgage banks, has secured regulatory approval from...