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In the history of the world, no nation has successfully tackled the problem of underdevelopment and extreme poverty using the socialist economic model. In fact, nations have been able to tackle the two above problems using the capitalist economic model. China had to open its economy and introduced a free market policy that has seen it rise to become the second biggest economy in the world. Countries move from a socialism to capitalism to experience growth and those like North Korea, Venezuela and Eritrea who are core socialist states have continue to suffer huge economic crisis. It is very surprising to see Nigeria moving from a free market capitalist economy to a socialist one under President Buhari, this only goes to show a proper lack of economic knowledge. In the quote attributed to the President recently, he noted that his administration has laid the foundations and are committed to seeing it through and that he was going to work harder this time around. The question here is, what foundation is the president talking about, is it the same foundations built on socialism that has destroyed Nigeria’s economy in the past four years and made its people poorer. One thing about socialism is that the center becomes the only source of survival for everything and today, our states have become parasites on the federal government, always running to the center for intervention for every little challenge, how long will this last?
