NewStats: 3,260,962 , 8,172,917 topics. Date: Wednesday, 28 May 2025 at 03:06 AM 5n4a4y

I keep wondering which type of economics system we are practising in this country. At times,it's get confusing,as it's keep swinging from Socialism to Capitalism and vice versa.

What economics system are we really practising?

Danhumprey: I keep wondering which type of economics system we are practising in this country. At times,it's get confusing,as it's keep swinging from Socialism to Capitalism and vice versa.

What economics system are we really practising?

Thiefism

When the State of a Nation is not fully decided, there practice what benifit them per time..I was taught and read that Nigeria practice Mixed Economy..check it out..

Swiftlee: When the State of a Nation is not fully decided, there practice what benifit them per time..I was taught and read that Nigeria practice Mixed Economy..check it out..

May God bless you!

Aside the fact that Nigeria practice mixed economy,there's no absolute capitalism or socialism anywhere in the world.

According to you know who, we practice a plutomobokakistocracy (or something like that)...

First find out †ђξ meaning of both concept! Then choose which one you think is being practised in Nigeria! Back then in high school, I read we practice mixed economy! But from M̶̲̥̅γ̲̣̣̥ own point of view and observation as a Social scientist, Nigeria is a full blown CAPITALIST state! Fvck what ever any teacher or book says! In social science, there's no one defination of a concept! In most cases, we disagree to Agree! There's nothing like mixed economy!! Is either you're here or there!! Malaysia is a very good example of a Socialist state. There, †ђξ Government owns almost all †ђξ means of Production and services! †ђξ Government provides all you need to survive as a citizen of that country! A pauper can own a house, good car, good health, and all that! No room for exploitation and slavery! Which CAPITALISM is known for!!

Nigeria lacks the basic identical philosophy or ideal. It is each to himself, it depends on where you find yourself.
If you are in the north where one person has N1bn in his and the neighbor next door is looking for a good spot to sit and beg then we have Communism , if you are in business then it is Capitalism, if you are in government where people flock around you for tips then it is Socialism.
And each of these live comfortably with each other.

mr_king: First find out †ђξ meaning of both concept! Then choose which one you think is being practised in Nigeria! Back then in high school, I read we practice mixed economy! But from M̶̲̥̅γ̲̣̣̥ own point of view and observation as a Social scientist, Nigeria is a full blown CAPITALIST state! Fvck what ever any teacher or book says! In social science, there's no one defination of a concept! In most cases, we disagree to Agree! There's nothing like mixed economy!! Is either you're here or there!! Malaysia is a very good example of a Socialist state. There, †ђξ Government owns almost all †ђξ means of Production and services! †ђξ Government provides all you need to survive as a citizen of that country! A pauper can own a house, good car, good health, and all that! No room for exploitation and slavery! Which CAPITALISM is known for!!

Unfortunately you did not read wider bro..having said that, i am a social scientist too..
http://en.m.wikipedia.org/wiki/Economy_of_Nigeria

The economy of nigeria was named here..

trillville:

Thiefism

Explain better.

ITbomb: Nigeria lacks the basic identical philosophy or ideal. It is each to himself, it depends on where you find yourself.
If you are in the north where one person has N1bn in his and the neighbor next door is looking for a good spot to sit and beg then we have Communism , if you are in business then it is Capitalism, if you are in government where people flock around you for tips then it is Socialism.
And each of these live comfortably with each other.

You got some points there. From your comment,it seems Nigeria economics system is an aggregation of more than one economy system,vis-a-vis,Socialism,Capitalism,Communinism. But striking a balance is necessary.

mr_king: First find out †ђξ meaning of both concept! Then choose which one you think is being practised in Nigeria! Back then in high school, I read we practice mixed economy! But from M̶̲̥̅γ̲̣̣̥ own point of view and observation as a Social scientist, Nigeria is a full blown CAPITALIST state! Fvck what ever any teacher or book says! In social science, there's no one defination of a concept! In most cases, we disagree to Agree! There's nothing like mixed economy!! Is either you're here or there!! Malaysia is a very good example of a Socialist state. There, †ђξ Government owns almost all †ђξ means of Production and services! †ђξ Government provides all you need to survive as a citizen of that country! A pauper can own a house, good car, good health, and all that! No room for exploitation and slavery! Which CAPITALISM is known for!!

I agree with you to an extent. We were taught in school that Nigeria practise a Mixed Economy system,but realities of today doesn't seems to reflect that view. We sometimes seems to be practising Capitalism and the next moment,we are practising Socialism. There got to be a balance here.

HNosegbe: According to you know who, we practice a plutomobokakistocracy (or something like that)...

Lol.......can you explain that term,pls. Mr. Obahiagbon.

extreme capitalism

Danhumprey: Lol.......can you explain that term,pls. Mr. Obahiagbon.

Ok. Let me try.

Pluto = Plutocracy = Rule by a privileged few.

Mobo = Mobocracy = Rule by mass/mob violence/disorder.

Kaki = Kakistocracy = Rule by the least qualified.

I think.

@Danhumphrey, thief is simply a system where both the leadership and the led are thieves and are guided by the rules between thieves. For example, 99 days for the thief and only one day for the owner.

It seems most people do not understand the basic differences between capitalism and socialism. It has to do with who controls the the factors of production - individuals or government. In capitalism control of factors of production, especially land is in the hands of private individuals - the entrepreneur, who is expected to use these factors to provide goods and services to the people under government regulation and pay various taxes to government. In socialism, the government controls the factors of production including land and resources, and in return provides goods and services to the people, especially the basic ones.

The nigerian system is a corrupt system, the government controls the most important factor of production(land and resources) but abdicates its responsibility of providing basic goods and services. It expects the private sector to provide goods and services while it controls land. Entrepreneurs can only lease land from the government.

Right now we are practicing capitalism as the government feels no obligation to provide any free service as we now have to pay for roads, school, water, hospitals, shelter, etc. Only that the government is not ready to let go of control of resources.

Swiftlee:
Unfortunately you did not read wider bro..having said that, i am a social scientist too..
http://en.m.wikipedia.org/wiki/Economy_of_Nigeria

The economy of nigeria was named here..

bro I'm not unmindful of the †ђξ fact that we partly practice a mixed economy! But like I said earlier, I refuse to go with the Bandwagon effect! bro wake up to reality! And forget what's wriiten on Google! Or wikipedia! Anyone can write what ever he feels on †ђξ Internet! Ξνεяγтнïทg about NIGERIA smells CAPITALISM! What is being practiced here is like 80% capitalism and 20% socialism! So do you call this a mixed economy? Go back and read all you know about capitalism and socialism! Then come back here and engage me!! Every sector in Nigeria smells capitalism! Even in our churches today! You still find exploitation! Where in †ђξ world do you have to pay to Get Government jobs? What can be worst than that? Go to other countries like I mentioned Malaysia previously! And see †ђξ practical definition of socialism! So bro! As a social scientist! You have to be independently minded! You have to stand out! And don't believe all you read on wikipedia!! You should have †ђξ ability to question some things! And don't just assimilate all you read!! Enough said!!

Feudalism,government of the Lords,and servants

I was told in secondary school that We are practising Mixed Economy.

So a Nigerian still don't know we practise mixed economy in Nigeria? No wonder so many ignorant comments on Nairaland! Sad!

trillville:

Thiefism

Yea, its thiefism.

capitalism for where?

Socialism for where?

absolute capitalism leads to exploitation and aggresive inhibition,while socialism leads to tyranny and repression.so i guess there is no real(both).

Yomieluv: Feudalism,government of the Lords,and servants

we ain't talking about the kind of Government
@topic.. Nigeria practice mixed economy

Both we practise SocioCapitalism Democracy.

In theory, Nigeria is a mixed economy.

What is the difference in the 2

yemi2plus2:
we ain't talking about the kind of Government
@topic.. Nigeria practice mixed economy

comprehension is your biggest problem,your school tutors suck.

socialism,and capitalism are forms of government,as well as an economic system.

Nigeria practices sociacapitathiefsm

Nigeria do practice 2 types of Economy

1) STRIKEALISM

2) Others.....

I was told in Sec. Sch. that we practice mixed economy

In economics, my secondary skul teacher told me it is capitalism. but now it seems more like a mixed economy system

Socialism- Government
Capitalism- Private investors

Nigeria economy-Government and Family owned

ceteris paribus. Naija practise mixed economy