..By Mike ALADENIKA.
Nigeria, the supposed giant of Africa is presently living in the shadows of itself as it has been in, not only, a conspicuously retarded state of development but in a retrogression when compared to other nations of its generation.
Protracted bad governance, high level corruption coupled with the unabated insecurity has crippled Nigeria's growth, thus making the Nation to meander and taking the lead among the committee of nations with misplaced priorities.
Professor Banji Oyelaran-Oyeyinka, the special adviser to the President on Industrialization, African Development Bank, AfDB stated this in a paper presented at the 8th Edition of the Nigerian Society of Engineers' Hr Eng Otis Oliver Tabugbo Anyaeji Annual Distinguished Lecture in Abuja.
Prof Oyelaran- Oyebanji in the paper titled "Nigeria's Development Reversal : Halting Descent Into Industrial Backwardness" said "Nigeria's reversal of fortune manifests in several dimensions, namely: economic, social, technology and industrial conditions."
"Nigeria regressed because of its industrial reversal as it has suffered massive reversal in industrial capacity: the ability to produce, process, and add value compared to its comparators. Nigeria ranks 99th on UNIDO's Competitive Industrial Performance(CIP) index while South Africa ranked 52nd in 2020.
" The CIP measures industrial capacity with the nation's capacity to produce and export manufactured goods, deepening and upgrading its technological base, and its impact on global economy. Nigeria's industry contribution to GDP is $650, while Manufacturing contribution is a mere 14.1℅, $326.
Professor Banji Oyelaran-Oyeyinka, who is also a professorial Fellow, United Nations University as well as a Fellow, Nigerian Academy of Engineers said, by all indications, global statistics are not favourable for the growth of Nigeria.
"Nigeria is poor because the country has experienced, not only, weak industrial growth, but also industrialization. Nigeria's descent into into the ranks of poor nations resulted from the nexus of technological backwardness and resource dependence.
"The gap in knowledge, especially scientific and technological knowledge is territyingly widened. The inability of nations like Nigeria to convert their natural resources to high value goods as well as master nature for growth".
" Nigeria has practically destroyed all the institutions necessary for this nation to acquire scientific and technological knowledge over the last 50 to 60 years: primary, secondary schools, Universities Research and Development institutes(RDIs), all in decay."
Professor Banji Oyelaran-Oyeyinka said "due to a weak industrial base, Nigeria's oil and gas make only small contribution to GDP, despite generating the bulk of earnings, as it is a highly technology and capital intensive industry that employs few people. We do not produce the materials and equipment used in the exploration and production donestically. There is minimal domestic manufacturing input in the oil sector, especially in the oil product refining".
" For Nigeria to get it right in its quest for consistent national growth, it has to embrace proactive and sensible political leadership as well as transformational leadership which has been globally acknowledged as a determinant for continued progress of nations.
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