What makes these conferences important is underwritten, not so much by the excitement they generate, but by the promise they hold for sustained economic growth in the continent.
But do they? Would they help unlock the mystery of Africa’s perennially chronic economic under-performance in spite of its vast human and natural resources? Or is it the case that the vectors that have persistently subdued economic development in constituent nation-states are not purely economic after all?
On May 5th and 6th
the First Covenant University International Conference on African
Development Issues would feature Professor Thomas L. Sargent of New York
University, and a 2011 Nobel Laureate in Economics, and Professor Eric
Maskin of Harvard University, the 2007 Nobel laureate in Economics. What
these world-class economists bring to bear on development issues are a
wealth of empirical research, publications, and guidance to policy
makers on economic and social variables important to growth and
sustained development. Their presence in Nigeria in one conference is
not only unique, but indicates the important role Nigeria plays in
Africa, and the foresight of the university in organizing such
historical event.
While the Nobel laureates would
headline the conference, the discussants assembled to provide further
practical insight and depth are nationally and internationally
recognized experts in the field of economics, finance, public policy
analysis, and governance of private and public resources. They include:
Professor Jonathan Leape of the London School of Economics, Dr. Kalu I.
Kalu, the two-time Nigerian Minister of Finance, Dr. Sarah Alade, the
Acting Governor of the Central Bank of Nigeria, Dr. Okogu Bright, the
Director-General of the Nigerian Budget Office, Professor John O.
Ifediora of the University of Wisconsin, USA, Professor Machinko
Nissanke of the University of London, Professor Ademola Oyejide,
University of Ibadan, Professor Kenneth Adeyemi, Covenant University,
Dr. Jonathan Aremu, ECOWAS, and Professor Olu Ajakaiye. More experts
from the private sector are also featured.
The conference would be particularly
relevant to policy makers at all levels of government, development
experts, economists, business and corporate leaders, and academics. When
asked to provide a glimpse of what can be expected in the conference,
Professor John Ifediora had this to say:
“I contend that social institutions
matter, and that economic development is path-dependent. The path taken
so far by African states in their quest for sustained development, while
different to a large extent from those embarked upon by other
resources-rich countries such as Iran, Algeria, Indonesia, and
Venezuela, ultimately led in many instances to the same destination: one
of missed opportunities, poverty, inadequate infrastructure,
marginalized educational systems, a growing pool of unskilled and
displaced workers, and under development of crucial sectors. While the
path chosen is deliberately purposeful, it is invariably shaped by lived
experiences of policy makers, and the political and economic
institutions adopted post-political independence in the 1960s.” He
continued:
“That these institutions matter stems
from the fact that they are rules that guide conduct, and sanction what
activities maybe engaged to advance society’s welfare in terms of
governance, the use of social resources, and property rights. In almost
all resource-endowed countries in Africa that failed to achieve
sustained economic development, policy makers relied almost exclusively
on oil or other natural resource to drive macro-economic agenda for
growth; and they did so when discovery of natural resources in their
territorial competence coincided with periods of nation-building, and
experiments with political and economic ideologies. The
growth-sustaining qualities of inclusive political and economic
institutions are their liberating effects on individuals and capital. By
giving the governed free choice to pursue activities compelled by
self-interest, investment in human capital through education, and
acquisition of skills invariably follow. Capital, free to move into
areas of higher than normal returns, helps beget technologies that
enable both workers and capital to become more productive.” He concludes
by saying:
“This cycle of improvements in
skills and technology are the basis of sustained economic growth that is
made possible by inclusivity. Nigeria’s failure to achieve broad
economic prosperity is (as in many African countries) in more ways than
one, attributable to low levels of education, lack of adaptable skills
to modern technologies, and the inability to emulate advanced economies.
That this is the case is readily traceable to restrictive social
institutions that, by their very nature, do not create adequate
incentive to invest in human capital development. Thus, any serious
effort to engage development problems in Africa must begin by taking
notice of the reality that socio-economic development in the continent
may be attained, and sustained only if the processes engaged toward
these ends are properly mindful of the cultural and social experiences
of Africans. This means looking at things from the point of view of
those whose welfare one seeks to improve; for only when the life
experiences of the indigenous people are clearly understood would it be
possible to work within the context of their cultural and traditional
observances to establish accommodative social and economic institutions
necessary for sustained development. This is not to say, however, that
culture and tradition are not immutable; they are malleable, and
ultimately adapt to socio-economic changes.”
Professor John O. Ifediora
Director and Editor-in-Chief, Council on African Security And Development (CASADE)
The views expressed above are solely that of the author and not of stephenladoye02.blogspot.com or its associates.
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