he economic philosophy of Africapitalism is of much benefit to countries within the African continent that have very transparent governments. However in Nigeria this unfortunately is not the case. The economic philosophy of Africapitalism fails to reach many of its goals due to internal problems in the country’s government such as corruption. Some of the challenges faced by the Government of Nigeria are discussed and elaborated below.

Corruption

Nigeria’s public sector is one of the key prospects for Nigeria to further develop its economy. In order for Africapitalism to thrive it is important that both the private and public sector work hand in hand so that the goals of Africapitalism can be achieved. In Nigeria this is a problem that is being addressed, though not much has been done until recent times. Huge government funds that should have been allocated into improving the wellbeing of Nigerians is going into top government officials’ pockets. This is a huge problem as many Nigerian officials are living better off at the expense of millions of Nigerians who do not have an adequate standard of living. For instance Former President Goodluck Jonathan has been accused of embezzling an astonishing $15 billion worth of public funds during his 5 year term as President. Former President Goodluck Jonathan is only one of the many high ranked officials who have committed such offences. Under Jonathan’s presidency, Nigeria’s corruption levels had peaked, with Transparency International ranking the West African nation as the 136th most corrupt nation out of the 167 nations that were surveyed.

Inadequate Infrastructure

Despite the efforts made to improve infrastructure in Nigeria, Mr Tony Elumelu and other Nigerian Africapitalists believe that there is much more that can be done. Load shedding or intermittent power outages is still a prominent problem that hinders many businesses in rural areas from operating efficiently and effectively. The limited number of innovation hubs hinder further processing of creative innovations. Other infrastructures such as roads slow down transportation of goods across the country which in turn slows down economic growth within Nigeria. In short, distribution channels for products to the customers is generally affected when the road networks are not well mai