Unclothing Capitalism: An Exploration of Monopolistic Illegality among Market Forces in Nigeria

Abstract

This study explores how capitalism works in Nigeria by showing how illegal monopolistic practices harm fair competition and economic growth. The research uses a qualitative approach. It includes documentary analysis, case studies of big industries, and critical political economy viewpoints. The study looks at how established monopolies use legal gaps, benefit from state involvement, and twist market rules. It highlights that, while capitalism claims to support free enterprise, it often relies on exclusion, cartels, and rent-seeking. The main findings are that illegal monopolies deepen inequality, raise consumer costs, block innovation, and create ongoing dependency. These factors hurt Nigeria’s development. The study concludes that without strong oversight, transparent institutions, and focused policy changes, Nigerian capitalism will keep serving elites and leaving most people behind. The study urges systemic changes to make markets more accountable, open, and fair.