Lack of Political Will, Corruption Undermining Nigeria’s Economic Reforms, Economist Warns

Gbenga Sodeinde in Ado Ekiti

A Professor of Industrial Economics, Edward Ogunleye, has raised fresh concerns over Nigeria’s development trajectory, warning that the country’s numerous economic policies have largely failed due to weak political will, entrenched corruption and poor support for innovation.

Delivering the 103rd inaugural lecture at the Ekiti State University (EKSU), Ogunleye described Nigeria’s policy landscape as one marked by “motion without movement,” where reforms are initiated but rarely translated into tangible outcomes.

In his lecture titled ‘Motion without Movement: Funfair, Failure and Future of Industrial Policies in Nigeria,’ Ogunleye said the country is not short of ideas but lacks committed institutions and individuals to fund and implement them effectively.

“Nigeria is not lacking in ideas; what we lack are individuals and institutions willing to fund and implement those ideas,” he stated.

Drawing on the innovation theory of Joseph Schumpeter, Ogunleye noted that while innovation has driven growth in advanced economies, Nigeria continues to struggle with commercialising research outputs, with many breakthroughs confined to academic archives.

He also criticised the nation’s consumption culture, warning that excessive spending on luxury at the expense of productive investment is slowing economic progress.

According to him, sustainable development cannot be achieved in an environment where display overtakes development priorities.

On corruption, the economist described it as the most critical impediment to national growth, stressing that meaningful progress would remain elusive without decisive action. 

He cited the long-standing challenges surrounding the Ajaokuta Steel Mill as a symbol of policy failure, decades after its establishment.

Ogunleye further highlighted structural bottlenecks, including the disconnect between the banking sector and the real economy.

He noted that high lending rates—sometimes reaching 30 per cent—have stifled industrial expansion, while poor infrastructure and unreliable power supply continue to inflate production costs, forcing many businesses to spend heavily on alternative energy.

To reverse the trend, he called for stronger anti-corruption measures, increased investment in innovation, and a shift from consumption-driven habits to production-oriented growth. 

He also urged the establishment of dedicated innovation funds and greater transparency in their management.

The professor took a swipe at current political empowerment schemes, describing them as short-term and ineffective.

“Distributing items like grinding machines and wheelbarrows cannot lift people beyond subsistence level; what we need is investment in innovations that generate sustainable income,” he said.

He also advocated regular academic trade fairs to connect researchers with investors and policymakers, thereby bridging the gap between knowledge and industrial application.

Ogunleye, however, warned that without firm political will, Nigeria risks continuing a cycle of policy activity without meaningful development.

In his remarks, the Vice-Chancellor of EKSU, Joseph Ayodele, described the lecture as intellectually enriching and reflective, expressing optimism that the country could overcome its economic challenges if the recommendations are fully implemented.