London: Prof. Banji Oyelaran-Oyeyinka, Senior Special Advisor to the President of the African Development Bank on Industrialisation, has advocated for sustained investment in education and technology to drive Nigeria’s industrialisation. Oyelaran-Oyeyinka made this call during a lecture titled “Divergent Outcomes: Asia and Africa Development Strategy” at the London School of Economics and Political Science (LSE), which coincided with the unveiling of his latest book.
According to News Agency of Nigeria, the book, co-authored with Dr. Oyebanke Abejirin, is titled “From Reversal of Fortune to Economic Resurgence: Industrialisation and Leadership in Asian Prosperity and Nigeria’s Regress.” In his presentation, Oyelaran-Oyeyinka emphasized the importance of deliberate actions and visionary leadership as essential components for Nigeria’s industrial advancement. The book investigates the stark divergence in development outcomes between Nigeria and several Asian economies that started at similar points in the post-colonial period.
Oyelaran-Oyeyinka explored the factors contributing to the rapid industrial growth of Vietnam, Indonesia, Malaysia, and Bangladesh, countries that began their post-colonial journey at similar levels of development as Nigeria. Sharing insights from the book, he examined how these countries transformed key sectors, including agriculture, manufacturing, and textiles, into competitive, export-oriented industries. In contrast, Nigeria’s economy has faced slower development due to its over-reliance on oil exports and lack of diversification.
He pointed out Nigeria’s “reversal of fortune,” a situation where the country, once economically advantageous over several Asian nations in terms of income per capita and industrial potential, now lags behind. He identified three major causes for Nigeria’s underperformance: the failure to transition from resource dependence to diversified industrial production, resource-dependence leading to shocks from oil revenue volatility, and persistent gaps in political leadership and institutional capacity.
Oyelaran-Oyeyinka stressed that industrialisation requires deliberate action, visionary leadership, and sustained investment in education, technology, and long-term policy planning. He noted that countries making early investments in these areas built competitive economies capable of navigating external shocks and maintaining growth. Conversely, Nigeria’s continued dependence on commodity exports and the importation of finished goods has hindered the development of a robust industrial base.
Despite these challenges, Oyelaran-Oyeyinka expressed confidence in Nigeria’s potential for greatness, citing that nations experiencing “reversals” have historically overcome obstacles through persistence and leadership. The event sparked discussions among academics, students, and policymakers, addressing the challenges facing resource-rich countries and the need for visionary leadership for sustainable development.
The LSE launch marked the second major stop on the book’s tour, following a lecture at Harvard University in Boston earlier this year. The next stop on the tour will be at the University of Cambridge, where Oyelaran-Oyeyinka will continue discussing leadership in development and lessons African nations can learn from successful Asian economies.
