For reference, we are not more capitalist than the U.S., and that country has antitrust laws and an antitrust commission specifically designed to prevent private monopolies from threatening competition and innovation.
Capitalism by definition needs competition.
Capitalism by definition needs competition.
Capitalism without competition is feudalism, and the world has already tried it before. It doesn't work because it does not grow economies, it impoverishes most people by making the middle class nonexistent, and it kills the innovation born of competition.
Without competition from Boeing and Airbus, we would still be flying McDonnell Douglas DC-10s with exploding cargo doors. Because when one entity controls the market and consumers have no alternative, why should the entity innovate? The status quo makes more money.
Lack of competition and the complacency that brings is why Dangote Refinery has already announced that it will use road tankers to deliver fuel around the country from a single origin point in Ibeju-Lekki.
Why should they innovate? What is the incentive? What can consumers do?
Why should they innovate? What is the incentive? What can consumers do?
Too much power concentrated in one business entity is why a corporate will offer to repair the road to its factory which its own vehicles spoiled, and in return will get a 10-year tax holiday for building 44 kilometres of road.
