A Professor of Industrial Economics at Ekiti State University,EKSU, Ado-Ekiti, Prof. Edward Ogunleye, has lamented how Nigeria’s numerous economic policies and reform initiatives have largely failed to deliver meaningful results due to weak political will, corruption, and inadequate support for innovation.
Ogunleye made this assertion while delivering the institution’s 103rd inaugural lecture titled “Motion without Movement: Funfair, Failure and Future of Industrial Policies in Nigeria.”
The economist described Nigeria’s development path as one characterised by continuous policy formulation without corresponding economic transformation, stressing that while the country is rich in ideas, it often lacks the commitment and resources needed to implement them.
According to him, “Nigeria is not lacking in ideas; what we lack are individuals and institutions willing to fund and implement those ideas.”
He explained that innovation—widely recognised as a major driver of economic growth and popularised by renowned economist Joseph Schumpeter—has helped many countries achieve rapid industrial development. However, he noted that Nigeria has struggled to convert research outputs and academic discoveries into real economic value.
“Most of our discoveries end up in archives, while innovations developed in universities are rarely commercialised,” he said.
Ogunleye also criticised what he described as a growing culture of conspicuous consumption in the country, warning that excessive spending on luxury goods instead of productive investment is detrimental to national development.
“A nation that spends more on display than on development cannot grow sustainably,” he added.
The professor identified corruption as the most significant obstacle to economic progress in Nigeria, stressing that meaningful development would remain elusive without decisive success in the fight against graft.
He cited the decades-long challenges surrounding the country’s flagship steel project, Ajaokuta Steel Mill, as a glaring example of policy failure, noting that the project has yet to realise its intended potential many years after its establishment.
Ogunleye further highlighted the disconnect between Nigeria’s banking sector and the real economy, pointing out that high lending rates—sometimes reaching 30 per cent—have made it extremely difficult for industries to grow.
He also identified inadequate infrastructure and erratic electricity supply as major constraints to industrialisation, revealing that many businesses spend as much as 30 per cent of their capital on alternative energy sources.
To reverse the trend, Ogunleye called for stronger anti-corruption measures, increased investment in research and innovation, and a national shift from consumption-driven behaviour to investment-oriented practices.
He urged the government to establish dedicated innovation funds to support transformative technologies while ensuring transparency and accountability in their management.
The economist also criticised existing political empowerment programmes, describing many of them as unsustainable.
According to him, “Distributing items such as grinding machines and wheelbarrows cannot lift people beyond subsistence level. What we need is investment in innovations that generate sustainable income.”
He further recommended the organisation of regular academic trade fairs to bridge the gap between researchers, investors and policymakers.
Ogunleye cautioned that without strong political will to implement sound policies, Nigeria would continue to witness policy activity without meaningful economic progress.
In his remarks, the Vice-Chancellor of Ekiti State University, Prof. Joseph Ayodele, described the lecture as intellectually stimulating and insightful, noting that it rekindled his academic memories in the field of industrial economics.
Ayodele expressed optimism that if the recommendations from the lecture are carefully implemented, Nigeria could overcome many of its persistent economic challenges.