ations to claim the highest GDP at 521.8 billion USD. This has been made possible by the flourishing private sector and the involvement of public sectors such oil and gas sectors, agriculture and others. Nigeria’s has had a rapidly increasing human development index when compared to the likes of its West African competitors such as Cameroon and Togo. However, Nigeria is still very far behind when compared to other countries on the continent. Having a literate nation is a basic component to reaching economic development however, this is one area where Nigeria struggles. Literacy rates in Nigeria clock at 59.6% of the whole population which makes the nation inferior when compared to the likes of Botswana and Kenya who clock at roughly 87%. Unemployment is another huge problem that Nigeria suffers from, with roughly 13.3% of the working population being unemployed. The most popular type of unemployment that Nigeria suffers from is frictional unemployment as majority of the population are either in the working age group or are below it, meaning that many graduates are still waiting to get a job or have skills not applicable to available jobs otherwise known as structural unemployment. The adoption of Africapitalism has promoted import substitution not only in Nigeria but in other African nations such as Ghana and Kenya, for example, and this gives Africans motivation to continue being innovative as their countrymen are supporting local produce. We have since seen a number of countries in Africa seeking to uplift the lives of their population by emulating Tony’s concept. For example, South Africa came up with the Black Economic Empowerment (BEE) after attaining independence and abolishing the apartheid regime. This programme is aimed at the young aspiring entrepreneurs in South Africa. In my own country Botswana, the government established the Citizen Entrepreneurship Development Agency (CEDA), whose aim is to support the local entrepreneurs both financially and technically so as to create more jobs and alleviate poverty.

Figure 5: Shows Nigeria’s unemployment rate

Source: http://www.tradingeconomics.com/nigeria/unemployment-rate

Hindrances to Africapitalism

The economic philosophy of Africapitalism is of much benefit to countries within th