As Nigeria ventures into the intricacies of economic reform under the stewardship of President Bola Tinubu, it becomes crucial to critically evaluate the prevalent belief that capitalism will inherently foster prosperity for developing countries. Historical and spiritual perspectives reveal a different narrative, challenging this assumption.
The success of capitalism has been predominantly intertwined with the capabilities of powerful nations to strategically position themselves to extract significant value—whether through resources, labor, or influence—from others. Capitalism is a system that not only relies on the notion of free markets but thrives on calculated dominance and complex global economic networks. Those who have reaped the most benefits from capitalism are usually states equipped with the necessary infrastructure, geopolitical leverage, and global reach to exploit these networks to their advantage.
In stark contrast, for developing nations like Nigeria, which lack similar capacities or influence, the wholesale adoption of capitalism may turn out to be not just ineffective but potentially harmful. While integrating market-driven principles might be advantageous, expecting similar outcomes to those of historically leading capitalist nations is unrealistic.
Furthermore, from a spiritual vantage point, as highlighted in biblical scriptures such as the books of Daniel and Revelation, a symbolic parallel is drawn. In these texts, dominant empires or powers are depicted as ‘beasts’ exercising control, with less powerful nations portrayed as subordinate entities. This symbolism strikingly mirrors the modern global economic hierarchy, where developing countries frequently find themselves vulnerable to the overarching control exerted by powerful international financial systems and consortiums.
Therefore, it is vital for policymakers and the general public to approach economic models with prudence, keeping in mind their alignment with historical, structural, and spiritual paradigms. Blind adherence to capitalism as a surefire route to national growth overlooks both historical data and prophetic wisdom. The Tinubu administration – and indeed any future government – must carefully assess whether the economic strategies being pursued are tailored to Nigeria’s unique context or are simply inherited blueprints from systems designed for entirely different circumstances.
Only through such critical examination can truly sustainable and sovereign economic progress be achieved.***
