By Adeola Badru

LONDON — Professor Banji Oyelaran-Oyeyinka, Senior Special Adviser on Industrialisation to the outgoing President of the African Development Bank (AfDB), has attributed Nigeria’s persistent economic hardship to poor leadership and an overreliance on oil.

Speaking at the London School of Economics and Political Science (LSE) during the international launch of his latest book, “From Reversal of Fortune to Economic Resurgence: Industrialisation and Leadership in Asian Prosperity and Nigeria’s Regress,” co-authored with Dr. Oyebanke Abejirin, Professor Oyelaran-Oyeyinka contrasted Nigeria’s economic trajectory with that of successful Asian economies.

In his lecture titled “Divergent Outcomes: Asia and Africa Development Strategy,” he examined how countries like Vietnam, Indonesia, Malaysia, and Bangladesh transitioned from agrarian economies to globally competitive, export-driven industrial hubs.

“These nations made early investments in education, technology, and long-term policy planning, which enabled them to build resilient economies,” he said.

He noted that Nigeria, once ahead of many of these nations in income per capita and industrial potential, has now fallen behind due to its heavy dependence on oil and lack of economic diversification.

Professor Oyelaran-Oyeyinka identified three main causes of Nigeria’s underperformance:

Failure to shift from resource dependence to industrial production

Vulnerability to oil revenue volatility

Persistent leadership and institutional capacity gaps

He stressed that industrialisation is not accidental but requires deliberate policy choices, visionary leadership, and sustained investment in human capital and innovation.

“Nigeria continues to depend on commodity sales and the importation of finished goods, which prevents the development of a strong industrial base,” he observed.

Despite the current challenges, the AfDB adviser expressed optimism about Nigeria’s future, noting that countries which once suffered economic setbacks eventually reversed their fortunes through consistent reforms and committed leadership.

“Nigeria has the potential for greatness. With the right leadership, the country can reclaim its economic standing,” he affirmed, urging urgent reforms and visionary governance.

His lecture sparked a robust discussion among scholars, students, and policymakers, focusing on the developmental struggles of resource-rich countries and the crucial role of leadership in achieving sustainable economic transformation.