An Examination of Capitalism and the Fate of Nigeria’s Economy from the Point of View of Practical Morality

Abstract

Following the oil boom of 1970s, Nigeria has experienced a tremendous change in its economy. This occurred as a significant increase in the production, distribution and consumption of goods and services. Rapid industrialization that took place mainly in the cities of Nigeria brought along with it a special kind of social movement that involved large amount of people moving away from the rural areas to the urban areas in search of jobs and other opportunities. As a consequent, money became the only valuable thing and the government started rapid privatization of the economy; and as a result, the economy became capitalist based. This paper therefore, is an attempt to explore the moral implications that the growing free market (capitalism) has on Nigerian economy/or the people at large. Using the prescriptive method of practical ethics, and going through analysis and evaluation, the paper suggests that Nigerian government should adopt an economic model that will be in consonance with the common good!