Demola Lawal known (Latchenko), a lead media strategist at Athen Media. In a recent interview, he issued a wake-up call on the state of democratic capitalism in Nigeria, calling for urgent action to prevent a total collapse of the economic and political system.
Lawal pointed out that Nigeria, like many other countries, has experienced a long period of de-industrialization, weak growth, and rising inequality, all of which have left the working class and lower middle class disaffected.
This, he said, has created a profound disillusionment with the elites, which has left the political field open to populists of many different kinds.
He further argued that Nigeria’s economic system, which is supposed to be about the marriage of democracy with the market economy, is failing, and because it’s failing economically, it’s failing politically.
“This has left the country open to profoundly antidemocratic forces, and urgent action is needed to reverse this trend before it’s too late,” he said.
Lawal believes that the relationship between liberal democracy and market capitalism is a difficult and fragile marriage, and that a delicate balance must be struck between the two for the system to work effectively.
He also called for a rethinking of the role of the elites in society, arguing that they must be held accountable for their actions and that a more inclusive economic system must be created to address the needs of the working class and lower middle class.
Lawal said his wake-up call on the state of democratic capitalism in Nigeria highlights the urgent need for action to address the economic and political challenges facing the country.
“As one of Nigeria’s leading voices on the economy, his insights provide valuable guidance on the path forward to create a more stable and inclusive system that benefits all Nigerians,” he said.
