GROWING AFRICAN ECONOMY DEVOID OF OVER DEPENDENCE ON NATURAL RESOURCES . . . Prof Banji Oyelaran-Oyeyinka.

By Mike ALADENIKA.

Professionals and experts in industrialization of African economy with biases for innovation and the place of technology in growing a seeming dormant economy were part of Frontline idea movers at the maiden PROF. CALESTOUS JUMA lecture series on Knowledge and Innovation for Development.

Delivering a key note address on "Re-igniting  Africa Industrialization : the role of innovation", the Senior Special Adviser to the president on Industrialization, African Development Bank(AfDB), Prof Banji Oyelaran-Oyeyinka African leader have failed to transform Nations in Africa the way the Asian Giants were transformed within a minimum spate of time.

Prof. Banji Oyelaran-Oyeyinka said  "many African Nations are naturally endowed with Natural mineral resources which the developed countries like to take advantage of, a position which has never been the best pathway to growth and African development", stressing that the "inability of African Nations to process these raw materials via technological capabilities and industrial production has made these African Nations to pass the benefits of industrialization unto developed economies, as African countries took the low road in exporting minerals and raw agricultural commodities with little value added".

According to the African Development Bank industrialization expert, "while Asian countries, many without Natural commodities creatively innovated to maximize their competitive advantage, most African countries have remained reliant of the easy money from resource exports."

Prof. Oyelaran-Oyeyinka whose keynote presentation enjoyed global audience via zoom opined that "Focused leadership and sustained industrialization can drag nations out of poverty".

The university don then said "Africa should tackle the challenges Associated with rapid technological innovation use the opportunities inherent in a knowledge driven age to acquire industrial manufacturing capacity" to improve it's economy, creat jobs and improve it's GDP.
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