By Justus Adetomiwa, Ado-Ekiti
A Professor of Industrial Economics at Ekiti State University, Prof. Edward Ogunleye, has called for intensified anti-corruption measures, increased funding for innovation and a shift from consumption-driven behaviour to investment-oriented practices to rescue Nigeria’s struggling economy.
Delivering the university’s 103rd inaugural lecture titled “Motion without movement: funfair, failure and future of industrial policies in Nigeria”, Ogunleye urged the government to establish dedicated innovation funds to support transformative technologies, while ensuring transparency and accountability in their management.
He also recommended organising regular academic trade fairs to bridge the gap between researchers, investors, and policymakers.
Criticising current political empowerment programmes as ineffective and unsustainable, Ogunleye stressed that “Distributing items like grinding machines and wheelbarrows cannot lift people beyond subsistence level. What we need is investment in innovations that generate sustainable income.”
The professor warned that Nigeria’s numerous economic policies have largely failed due to lack of political will, corruption, and poor support for innovation.
He described the country’s development trajectory as one marked by sustained policy activity without tangible economic progress, noting that while ideas abound, they are rarely funded or implemented.
He said, “Most of our discoveries end up in archives. Innovations developed in universities are rarely commercialised.”
Ogunleye also decried Nigeria’s culture of conspicuous consumption, cautioning that excessive spending on luxury goods instead of productive investment undermines sustainable development.
He said, “A nation that spends more on display than on development cannot grow sustainably.”
On corruption, he described it as the most critical challenge confronting the economy, stressing that no meaningful progress can occur without success in combating it.
Ogunleye illustrated the consequences of policy failure over decades by citing the long-standing struggles of the Ajaokuta Steel Mill.
The economist further highlighted structural impediments to industrialisation, including high lending rates of up to 30 percent, inadequate infrastructure, and erratic power supply, with many businesses spending as much as 30 percent of their capital on alternative energy sources.
In his remarks, the Vice-Chancellor of Ekiti State University, Prof. Joseph Ayodele who is also an economics expert described the lecture as both intellectually stimulating and personally nostalgic, noting that it revived his academic memories in industrial economics.
He expressed optimism that if the recommendations put forward are faithfully implemented, the country could overcome its persistent economic challenges.