American Economic & Social Review; Vol. 4, No. 1; 2018 ISSN 2576-1269 E-ISSN 2576-1277 Impact Factor: 3.9 Published by Centre for Research on Islamic Banking & Finance and Business, USA 8 Nigerian Elite and the Culture of Primitive Accumulation Stanley Edebiri Egharevba PhD Fellow Doctoral Student Department of Political Science University of Benin Benin City Nigeria E-mail: stainlessfbj@yahoo.com Tel: +234(0)7038913722 Friday Osaru Ovenseri-Ogbomo Ph.D (Corresponding Author) Senior Lecturer Economics, Banking & Finance Department Benson Idahosa University Benin City Nigeria E-mail: fovenseri-ogbomo@biu.edu.ng Tel: +2348075316610 Received: November 21, 2018 Accepted: November 27, 2018 Online Published: December 1, 2018 Abstract Nigeria is endowed with vast human and material resources to engender development but it still continues to luxuriate within the confines of a top speed in reverse to oblivion. As its relics, neocolonialism has given birth to industrialization, urbanization and militarization of the political process which generally has created “sudden billionaires” on one end of the ladder (elected or appointed public officials) and extremely poor masses (unemployed graduates and depressed masses) at the other end of the ladder. This paper basically exposes the developmental retrogressive outlooks of the masses due to primitive capitalist accumulation by the few elites who have piloted the affairs of the nation. Keywords: Elite, Primitive Capitalist, Rent-entrepreneur, Multilateral Imperialism. 1. Introduction The Nigerian state is endowed with enormous human and material resource capabilities, sitting on a vast land area of 923,773km 2 with vast solid minerals reserve, wonderful vegetations and fertile soil for growing different agricultural produce. It has over 160 million people of diverse cultural backgrounds. Despite these paraphernalia of development, the basic visible feature or condition of the Nigerian state is an unprecedented poverty, decayed and decaying infrastructure, massive unemployment and underemployment which are worsened by social vices of varying magnitudes due to political self-aggrandizement. Prior to the invasion by African colonizers which led to the amalgamation of the Southern and Northern protectorates of Nigeria in 1914, the separate Hausa, Yoruba and Igbo enclaves were hitherto known for their respective values, norms, etc. which were basically the beauty of society. There was close affinity with virtues that promoted good life as the leadership was exemplary and valued hard work was greatly encouraged. The displacement of the Nigerian prestigious culture was replaced by the twin devices of subjugation and exploitation of the colonized characterized by oppressive connotation of slave trade (Osah, Osundina, Ayim, Nwokocha & Chioma 2014).