Renowned development economist and Senior Special Advisor to the President on Industrialization at the African Development Bank, Professor Banji Oyelaran-Oyeyinka, delivered a thought-provoking lecture at the London School of Economics and Political Science (LSE) on May 14, 2025.
The event marked the second stop in the international rollout of his latest book.
Titled From Reversal of Fortune to Economic Resurgence: Industrialization and Leadership in Asian Prosperity and Nigeria’s Regress, the book—co-authored with Dr. Oyebanke Abejirin and published by Anthem Press—offers a compelling comparison between Nigeria and several Asian economies that started on similar footing after independence but have since taken dramatically different paths.
In his LSE presentation, “Divergent Outcomes: Asia and Africa Development Strategy,” Professor Oyelaran-Oyeyinka analyzed how countries such as Vietnam, Indonesia, Malaysia, and Bangladesh built thriving industrial sectors through focused leadership, strategic planning, and long-term investment in human capital and technology.
By contrast, he argued, Nigeria’s overreliance on oil exports, absence of policy continuity, and weak institutional leadership have left the country trailing far behind. He described Nigeria’s decline as a “reversal of fortune”—a missed opportunity to convert early economic advantage into sustained prosperity.
The lecture drew a vibrant audience of academics, students, and development professionals, sparking robust conversations on industrialization, governance, and Africa’s economic future.
Professor Oyelaran-Oyeyinka stressed that meaningful transformation requires purposeful leadership—not mere policy declarations. “Industrialization does not happen by chance,” he said. “It is the product of deliberate, visionary governance, and long-term commitment to innovation, education, and productive investment.”
The next leg of the tour is a fireside discussion at the University of Cambridge, where he will continue exploring how Africa can reverse its economic regression by learning from Asia’s success stories.
Despite the sobering assessment, the author remains optimistic. “Nigeria has the potential to rise again,” he concluded. “But it will take courageous leadership and a decisive break from the past.”
