Another sector which is key to driving
socio-economic development in Nigeria –
the academic sector – seems unable to
bring itself to truly play the role of driving
innovation in the country.
As a result, creation of new competitive
jobs in the non-oil sectors in Nigeria
remains low, the informal sector
continues to expand, major infrastructure
deficits persist at all levels in the country,
poor governance and a dodgy approach to
policy making and implementation
continue to undermine even the best
efforts and most ambitious investment
plans in Nigeria.
These are the real issues that impede our
ability to play a leading role in the global
economic space and the urgent need to
address them cannot be overstated.
Back to basics
When Nigeria gained independence from
its colonial masters (Britain) in 1960, we
inherited an economy that was relatively
strong but undiversified. The economy
created by the colonialists was based on
exporting raw materials (mostly
agricultural produce) to Europe while
importing finished goods from it. This was
understandable as the British were here
to suit their own economic purpose.
However, even though industrialization
was largely discouraged, they did lay down
the rudimentary foundations for a modern
Nigerian economy. Considerable emphasis
was placed on research and extension
services – during the period of colonial
rule, the Botanical research station was
established in Lagos by Sir Claude
MacDonald in 1893, among other
investments in research facilities and
programs mostly in Western Nigeria;
infrastructure – ports and railways – was
built to support the export/import trade
and educational institutions were built to
transfer knowledge to locals. Those old
enough to remember the ―good old days‖
tell tales of a country where graduates did
not have to go looking for jobs – they had
jobs waiting for them upon graduation.
The template for a functional, high-growth
economy was in place with a ports
infrastructure that supported coca, grain
and nut exports in the west and north;
coal exports from Port Harcourt (carted
all the way from coal mines in Enugu by
rail) and the Calabar port was essentially a
trading hub for most of West Africa. The
nation had all the makings of a potential
global economic giant. Unfortunately,
there was no manual to work with.
Since independence to date however,
successive administrations have managed
to transform the nation into a poster-child
for ―how not to grow an economy‖.
Through a cocktail of irresponsible
policies, short-sighted implementation
plans driven by narrow-mindedness and
sentimentalism, deliberate weakening of
institutions, these ―leaders‖ created a
Nigerian economy that despite being the