Nigeria has to move towards creating inclusive political and economic institutions in order to harness the talent and creativity of its people for economic development.
This was the submission made by Professor James Robison of Harvard University, in a keynote speech delivered at the 70th year anniversary lecture of Wema Bank held in Lagos.
The lecture also featured a panel of experts namely former Vice-Chancellor of University of Lagos, Professor Ibidapo-Obe, former Minister of Education, Mrs. Obiageli Ezekwesili, Overseer of Latter Rain Assembly, Pastor Tunde Bakare and Dean of Lagos Business School of Pan Atlantic University, Mrs. Enase Okonedo.
Speaking on the theme, “Why Nations Succeed”, Robinson noted that the reason why some nations fail while others succeed is the way the society is organised. He said this is reflected in the type of political and economic institutions they create.
Citing differences between Mexico and United States, and the two richest men in the world, namely Bill Gates and Carlos Slim, Robinson noted that inclusive political and economic institutions provide equal opportunities for members of the society to use their talents and creativity for enterprise and economic development.
This system, he said, allows the society to hairiness the mass of talents and creativities of its people for growth and development.
Extractive political and economic institutions, he said, are the opposite as they provide opportunities only for few people in the society. This, he said leads to wastage of the talents and creativity of the excluded masses in the society He noted that the above explains the difference between United States, which have political and economic institutions that promotes innovation by providing opportunities for every citizen to use their talent and creativity, and nations like Mexico and North Korea, which promotes monopolistic powers. Robinson said that Nigeria is where it is today because of its history of extractive political and economic institutions vis-a-vis slave trade, colonial rule, and military interventions.
He said that while the country has been moving towards inclusive institutions since the advent of the fourth republic in 1999, there is still more work to be done, so that the society will not be stocked.
He said that Nigeria must expedite its move towards inclusive institutions, adding that this is not a technocratic problem but a political problem. He said the focus should be on developing inclusive political institutions, adding that once this is achieved the economic will sort out itself.
This was the submission made by Professor James Robison of Harvard University, in a keynote speech delivered at the 70th year anniversary lecture of Wema Bank held in Lagos.
The lecture also featured a panel of experts namely former Vice-Chancellor of University of Lagos, Professor Ibidapo-Obe, former Minister of Education, Mrs. Obiageli Ezekwesili, Overseer of Latter Rain Assembly, Pastor Tunde Bakare and Dean of Lagos Business School of Pan Atlantic University, Mrs. Enase Okonedo.
Speaking on the theme, “Why Nations Succeed”, Robinson noted that the reason why some nations fail while others succeed is the way the society is organised. He said this is reflected in the type of political and economic institutions they create.
Citing differences between Mexico and United States, and the two richest men in the world, namely Bill Gates and Carlos Slim, Robinson noted that inclusive political and economic institutions provide equal opportunities for members of the society to use their talents and creativity for enterprise and economic development.
This system, he said, allows the society to hairiness the mass of talents and creativities of its people for growth and development.
Extractive political and economic institutions, he said, are the opposite as they provide opportunities only for few people in the society. This, he said leads to wastage of the talents and creativity of the excluded masses in the society He noted that the above explains the difference between United States, which have political and economic institutions that promotes innovation by providing opportunities for every citizen to use their talent and creativity, and nations like Mexico and North Korea, which promotes monopolistic powers. Robinson said that Nigeria is where it is today because of its history of extractive political and economic institutions vis-a-vis slave trade, colonial rule, and military interventions.
He said that while the country has been moving towards inclusive institutions since the advent of the fourth republic in 1999, there is still more work to be done, so that the society will not be stocked.
He said that Nigeria must expedite its move towards inclusive institutions, adding that this is not a technocratic problem but a political problem. He said the focus should be on developing inclusive political institutions, adding that once this is achieved the economic will sort out itself.
