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The primitive accumulation of capital in a neo‐colony: the Nigerian case
Abstract
The relevance of the primitive accumulation of capital to the experience of the neo‐colonies is explored by Iyayi for the case of Nigeria. He concludes that the classic understanding of this process requires expansion it if is to take account of situations where indigenous capital remains weak and lacks possibilities for accumulation through exploitation of external, less developed markets. Iyayi contends that while an attempt was made in Nigeria to foster indigenisation through legislative means, in practice the fundamental method of approaching this goal has been corruption. Indeed he suggests that corruption in such circumstances becomes the logical, if not the only, means through which primitive accumulation proceeds.
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