The Nigerian Economic Summit Group (NESG) has recommended the establishment of an industrial development policy nexus in education hubs to foster Nigeria’s economic growth.
According to the Chief Executive Officer (CEO) of NESG, Oluwatayo Aduloju, this strategic move aims to foster consensus among Nigeria’s business, political, and intellectual leaders, ensuring the country’s “developmental imperatives” are met.
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Mr Aduloju made the recommendations while delivering the 55th University of Lagos (UNILAG) convocation lecture on Monday, themed: “Universities As Hubs For Development And Wealth Creation.”
He noted that by implementing this governance model, Nigeria can achieve sustainable development goals, “lift 100 million people out of poverty, and empower regional economies.”
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“As Nigeria expands its middle class and diversifies its economy, it will become a leader in intra-African trade and attract significant Foreign Direct Investment (FDI) inflows, ultimately emerging as a middle-income economy,” he said.
Role of universities
Speaking further, Mr Aduloju emphasised the need for Nigerian universities to focus on rebuilding the country’s intellectual foundation to enhance productivity and global competitiveness.
He proposed that the first five public universities, alongside the top five private universities, should be empowered to restructure their financial and institutional frameworks to achieve specific developmental objectives.
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To achieve this, he explained that universities must “break free from political and regulatory constraints to create an attractive investment climate.”
Mr Adulujo also stressed the importance of structural reforms to promote local content development, economic diversification, and poverty reduction while fostering job creation. These efforts, he said, would position Nigeria to dominate FDI inflows in Africa.
He said: “By establishing coordinated education hubs for development and wealth creation, in collaboration with industry-led competency councils, we can reimagine future workforces across key sectors.
“If these hubs become co-custodians of our long-term agenda, we can cultivate a globally competitive Nigeria.”
Nigeria compared to others
Mr Adulujo also presented a comparative analysis of Nigeria’s development trajectory alongside countries like Indonesia.
He noted that while both nations had similar GDP levels in the 1960s, Indonesia’s economy grew to nearly 2.7 times the size of Nigeria’s by 2017.
He attributed Indonesia’s success to strategic workforce transformation and economic diversification, while Nigeria’s over-reliance on raw material exports stifled growth.
“Indonesia’s success was rooted in its strategic focus on workforce and institutional transformation,” Mr Aduloju stated.
He stressed that Nigeria must prioritise similar reforms to avoid recurring pitfalls, such as dependence on foreign expertise.
With projections indicating that Nigeria’s population could reach 420 million by 2050, with 70 per cent under 35 years old, Mr Aduloju underscored the urgency of an inclusive developmental agenda to address unemployment and other challenges.
“To unlock our potential, Nigerian universities must not only expand access but also focus on financial sustainability, academic partnerships, and the economic utility of their assets,” he said.
Universities hubs for wealth creation
In her welcome address, the Vice-Chancellor of UNILAG, Folasade Ogunsola stressed the importance of the lecture to contribute to the existing body of knowledge targeted at fostering economic development.
Mrs Ogunsola emphasised that the conventional view of universities as “an ivory tower of intellectual pursuit is increasingly outdated”, noting that instead, universities must actively contribute to societal progress and wealth creation.
“In an era of rapid changes in knowledge, innovation and complex challenges, it is imperative to continuously evaluate how well our university is doing in fulfilling its social contract with society to provide fit for purpose manpower, generate new knowledge to address societal problems and provide technology to shape the future,” she said.
She commended Mr Aduloju’s “thought-provoking” presentation, reaffirming the university’s commitment to innovation and national development.
About the Lecturer
Mr Aduloju is an alumnus of the Federal University of Technology, Akure, the University of Oxford, and the Massachusetts Institute of Technology.
With a Doctor of Philosophy in Economic Policy and Public Administration, he has earned numerous accolades, including the Walden University 2022 Citizens Award.
A graduate of Harvard University’s John F. Kennedy School of Government, Mr Aduloju is also a fellow of several respected professional institutions, including the Institute of Strategic Management Nigeria and the Institute of Management Consultants USA.
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