Private Property Rights in Company Ownership in Nigeria: Neoliberal Policies and Structural Injustice

Abstract After World War II, many countries, including Nigeria, embraced Keynesian “welfarist” policies to stimulate economic growth and enhance the well-being of their citizens. However, in the late 1960s and early 1970s, a global economic crisis prompted a shift towards neoliberalism, leading to the commodification of social institutions and the implementation of policies such as privatization, trade liberalization and deregulation in Nigeria. This shift had a significant impact on Nigeria’s socio-legal economy, particularly in terms of property rights in company ownership. The article raises concerns about the structural injustice and growing inequality resulting from these neoliberal policies. It advocates for a legal framework that addresses these issues and proposes reconceptualizing private property rights in company ownership in Nigeria. This proposed framework aims to counter the dominance and power of property-owning elites and mitigate the structural injustice induced by neoliberal policies in Nigeria.