Industrialisation: Don Advocates Sustained Investment In Tech, Education

Muhyideen Jimoh
May, Sat, 2025

Economy/Business

Industrialisation: Don advocates sustained investment in tech, education

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By Tiamiyu Arobani

Prof. Banji Oyelaran-Oyeyinka, Senior Special Advisor to the President of African Development Bank on Industrialisation has advocated for sustained investment in education and technology for Nigeria’s industrialisation.

Oyelaran-Oyeyinka stated this at a lecture titled: “Divergent Outcomes: Asia and Africa Development Strategy” at the London School of Economics and Political Science (LSE) as part of the unveiling of his latest book.

The book co-authored with Dr Oyebanke Abejirin was titled: “From Reversal of Fortune to Economic Resurgence: Industrialisation and Leadership in Asian Prosperity and Nigeria’s Regress”.

In his presentation, Oyelaran-Oyeyinka identified deliberate actions and visionary leadership as key requirements for the industralisation of Nigeria.

The book investigated the stark divergence in development outcomes between Nigeria and a group of Asian economies that began from similar starting points in the post-colonial period.

He explored the factors behind 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 his insights from the book, the author examined how four countries were able to transform key sectors, including agriculture, manufacturing and textiles, into competitive, export-oriented industries.

He noted that in contrast, in spite of possessing similar resources and initial conditions, Nigeria’s economy had faced slow development due to its over-reliance on oil exports and lack of diversification.

Oyelaran-Oyeyinka articulated what he termed Nigeria’s ‘reversal of fortune’, a situation in which a country once held an economic advantage over several Asian nations in income per capita and industrial potential now lagged behind.

He outlined three major causes for Nigeria’s underperformance, including the failure to transition from resource dependence to diversified industrial production.

Others, according to him, were resource-dependence resulting in shocks from volatility of oil-based revenues and persistent gaps in political leadership and institutional capacity.

“Industrialisation does not occur by accident. It requires deliberate action, visionary leadership and sustained investment in education, technology, and long-term policy planning.

“Countries that made early investments in these areas were able to build competitive economies that navigated external shocks and maintained steady growth.

“Nigeria, however, has struggled due to its continued dependence on commodity exports and the importation of finished goods, which has hindered the development of a robust industrial base.’’

The author expressed his unwavering faith in Nigeria’s manifest destiny of greatness, saying most nations that suffered “reversals” eventually overcame through persistence and leadership.

“I still believe in Nigeria’s manifest destiny of greatness,” he expressed optimism.

The event which generated frank discussions among academics, students and policymakers, sparked important dialogue about the challenges facing resource-rich countries and the need for visionary leadership to ensure sustainable development.

The LSE launch marked the second major stop on the book’s launch tour, following a lecture at Harvard University in Boston earlier this year while the next stop on the book tour would be at the University of Cambridge.

During the event, Oyelaran-Oyeyinka would continue his conversation on leadership in development, and the lessons African nations can learn from successful economies in Asia. (NAN)(www.nannews.ng)

Edited by Halima Sheji

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