Industrialisation does not occur by accident- Prof Banji Oyeyinka

Professor Banji Oyelaran-Oyeyinka, Special Advisor to African Development Bank (AfDB) President Akinwunmi Adesina, has attributed Nigeria’s current economic challenges and lack of significant industrial progress to its persistent heavy reliance on crude oil.

Delivering a lecture titled “Divergent Outcomes: Asia and Africa Development Strategy” at the London School of Economics and Political Science (LSE) on May 14, 2025, Professor Oyelaran-Oyeyinka drew a stark contrast between Nigeria’s economic stagnation and the remarkable transformations witnessed in countries like Vietnam, Indonesia, Malaysia, and Bangladesh.

These Asian nations successfully shifted their focus towards export-driven industries in agriculture, manufacturing, and textiles.

 “Industrialisation does not occur by accident,” he said, emphasizing the need for deliberate action, visionary leadership, and sustained investment in education, technology, and long-term policy planning.

Professor Oyelaran-Oyeyinka pinpointed three primary factors contributing to Nigeria’s underperformance: the failure to transition from resource dependence to a diversified industrial production base, the economic shocks resulting from volatile oil revenues, and weak political leadership coupled with limited institutional capacity.

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He emphasized that “Industrialisation does not occur by accident,” stressing the critical need for deliberate government intervention, visionary leadership, and consistent investment in crucial areas such as education, technology, and long-term policy formulation.

He argued that Nigeria’s continued reliance on exporting raw commodities and importing manufactured goods has fundamentally hindered the growth of its own industrial sector.

The lecture was based on insights from his recently published book, Reversal of Fortune to Economic Resurgence: Industrialisation and Leadership in Asian Prosperity and Nigeria’s Regress, which he co-authored with Dr. Oyebanke Abejirin.