Group Urges FG to Promote Capitalism for Improved Economy

Blessing Ibunge in Port Harcourt

An international organization, Liberty International, in partnership with the School of Graduate Studies, University of Port Harcourt (UNIPORT), has  called on Nigerians to embrace and promote capitalism for improved economy.

The group made the call yesterday during its one-day public lecture with the theme: “10 Fallacies of Anti-capitalist and what people in Nigerian think about capitalism,”  held  in  Port Harcourt.

The African Representative of the Liberty International, Mr. Roland Dappa, said the aim of the workshop was to create awareness on the need to promote the ideas of capitalism and also disabuse the minds of people who think that capitalism is bad.

Dappa said the workshop would also provide the reasons  why capitalism should be adopted to improve the economy of the country and welfare of the people.

He urged government to make policies that would benefit the country, explore international trade policies and its benefits to the nation, also ensure opening of boarders to enable citizens enjoy ease of doing business with other neighbouring countries.

Dappa stressed on the need for government to deregulate the market policies, operate a capitalist and free market system that promotes international trading system to boost the nation’s economy and create improved relationship with the rest of the world.

He,however, advised students and scholars to study, make more research on free trade policies and how it can improve the economic wellbeing of the people.

“Capitalism is not evil, capitalism is like removing all bottlenecks towards market forces. It is an idea where you promote a free market economy where demand and supply regulate the market spaces.

“Most people misunderstood capitalism for cronyism. But they are different. Cronyism gives rise to monopoly while capitalism explains how demand and supply is driven by desires of the buyers and sellers.

“It’s basically like a chain valid system where the government and the scholars are working hand-in-hand to ensure that we source energy to promote a prosperous nation like Nigeria.

“As a developing country, we cannot develop when our boarders are closed, we need to create relationships. The citizens must be allowed to operate and have access to doing business with other neighbouring countries,” Dappa stated.

The guest lecturer, Dr. Rainer Zitelmann, a German historian and economic writer, in his presentation, said capitalism provides a positive influence and promotes  good economic policy of the nation.

Zitelmann, while presenting a survey on  “what the people think about capitalism” explained that Nigerians understand the ideas of capitalism, but noted that there is a misunderstanding between capitalism and cronyism. 

He said: “People think capitalism may not be the total way out of poverty, but it ensures prosperity and efficient economic system, also offers economic freedom, encourages people to do their best. It leads to growing inequality as well improving conditions for the ordinary people in the country and helps consumers determine what they want.”

In his speech, the Vice Chancellor, University of Port Harcourt, Prof. Owunari Georgewill, commended the group and its partners for choosing the institution as venue for the event.

Georgewill noted that the event was beneficial to the students and the institution,  and he reassures all the stakeholders of  his administration support to the group.