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What Igbo Culture Teaches Us about Capitalism

The Igbos are one of many ethnic groups within Africa. They consist of about 43 million people, 40 million of whom live within Nigeria.  They are widely successful in Nigeria and are considered by many to be the Jews of West Africa, partly because they tend to be more economically successful than their neighbors.  For example, according to some estimates, Igbo investments are a driving factor within Nigeria s economy. By observing the culture of the Igbos, their phenomenal success in entrepreneurship appears unsurprising. The Igbos illuminate what economist Deirdre McCloskey refers to as “bourgeois dignity.” In Igbo culture, attaining wealth is perceived as a blessing to be cultivated and not an object of scorn. Unlike other cultures in Africa, the merchant occupies a sacred position among the Igbos. Commerce is central to understanding the world view of Igbos.

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