Why is mixed economic system best for Nigeria?

Why is mixed economic system best for Nigeria?

A mixed economy ensures that the government has a say in determining the prices of some products without necessary causing harm to majority pf the consumers. I say this because Nigeria as a country already has so many problem which needs to be cleared up before we can say we can be able to depend on our own products.

Why is mixed economic system the best?

Overview: The Advantages of a Mixed Economy A mixed economy permits private participation in production, which in return allows healthy competition that can result in profit. It also contributes to public ownership in manufacturing, which can address social welfare needs.

Is Nigeria a good economic system?

Nigeria’s economic freedom score is 58.7, making its economy the 105th freest in the 2021 Index. Nigeria is ranked 13th among 47 countries in the Sub-Saharan Africa region, and its overall score is above the regional average but below the world average.

What system of economy does Nigeria practice?

However, launching a grand economic growth and recovery plan is one thing; having the capacity to implement it is another. Does the government have the capacity to regulate and provide the goods and services for the economy to promote equality as socialism dictates?

What are the pros of a mixed market economy for most citizens?

What are the pros of a mixed market economy for most citizens? There is a great deal of independence and personal choice. The government cannot dictate which jobs citizens hold. There may be greater opportunity to become wealthy.

What are the advantages and disadvantages of a mixed market economy?

The mixed economy will tax companies and individuals at different levels, with more government involvement often dictating a higher level of responsibility in this area. Social services and infrastructure needs are benefits that everyone enjoys, but a high tax rate can also become a disadvantage.

What is mixed economy advantages and disadvantages?

A mixed economy often produces high taxation responsibilities. The state is responsible for public-sector services that make the marketplace accessible to consumers and producers. Social services and infrastructure needs are benefits that everyone enjoys, but a high tax rate can also become a disadvantage.