At the time, Nigeria had industries run by the government. There were steel rolling mills, telecommunications, transport companies like Nigeria Airways, Refineries for petroleum products etc. But today, they have not just become shadows of themselves, they are near extinction. Did Nigeria abandon a socialist economy or what? What part of the constitution of Nigeria suggested the economic system the country is operating today?
Is Nigeria supposed to be a practicing socialist, capitalist or mixed economic state – which is the country particularly practicing and how has it favored her?
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Nigeria operates a mixed economy with expanding sectors such as manufacturing, entertainment, communication, technology, finance, etc. The economy is structured around capitalism, but the government control or just regulate some of these sectors. It is easy to pass the structure of Nigeria's economRead more
Nigeria operates a mixed economy with expanding sectors such as manufacturing, entertainment, communication, technology, finance, etc. The economy is structured around capitalism, but the government control or just regulate some of these sectors. It is easy to pass the structure of Nigeria’s economy as capitalism.
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