Africapitalism As Rebranded Capitalism: Implications For Africa’s Development
Tarnzuur David Wanger, Adefolake Ademuson
Keywords: Africapitalism, capitalism, coloniality, indigenous knowledge, igba boi
Abstract
This paper critically examines Africapitalism as a contemporary framework for development in Africa, it interrogates whether Africapitalism represents a substantive alternative to global capitalism or a contextual adaptation of it. While Africapitalism is promoted as a model that aligns profit-making with social development, inclusive growth, and indigenous ownership, this paper argues that it remains structurally embedded within logics of global capitalism. Drawing on institutional theory, classical modernization, dependency, and post-development perspectives, the paper situates Africapitalism within broader debates on capitalism’s adaptive capacity, the role of indigenous economic systems, and the psychology of development. Through a comparative analysis with indigenous African models such as Ubuntu, Kwanzaa, and the Igbo apprenticeship system (Igba boi), the paper brought-to-light the fundamental tensions between communal value systems and the individualistic, profit-oriented imperatives of capitalism. It further critiques modernization theory’s emphasis on achievement motivation, demonstrating that psychological explanations alone are insufficient to account for patterns of modernization and economic development. This paper’s analyses underscore the significance of institutions, historical processes, and global power relations, particularly the enduring effects of colonialism and the dominance of Western epistemologies. The paper concludes that Africapitalism is best understood as a hybrid formation that incorporates elements of indigenous values but ultimately reproduces the structural dynamics of global capitalism. The paper reiterates that meaningful development in Africa requires a critical and context-sensitive integration of local knowledge systems with global economic practices, alongside efforts to address structural inequalities within the international system.
Author Biography
Tarnzuur David Wanger
Covenant University, Ota, Ogun State,
Email: [email protected]
Adefolake Ademuson
University of Ibadan, Oyo state, Nigeria
Email: [email protected]