Prof. Kamil Omoteso, financial experts , Dr. Opeyemi Ayoola and Dr. Oba Oluwaseyi Olanrewaju have stressed the need for unity and sub-regional integration, so as to build strong institutions and fast track economic growth in Africa
They made the call on Tuesday in their separate presentations during the 2025 Annual Conference organized by the Faculty of Management Sciences, Lagos State University, held inside Aderemi Makanjuola Hall on the Ojo main campus of the university
Prof.Omoteso, a Deputy Vice-Chancellor of Anglia Ruskin University in United Kingdom in his lead paper at the conference with the theme "Institutional Dynamics, Innovation and Inclusive Economic Development In Africa", emphasized the need for an inclusive economic development agenda, so as to secure a prosperous future for Africa
The Institutional Dynamics according to the don, requires inter connected change process , involving internal and external mechanisms that shape behaviour and outcome
He lamented that African remains behind in all areas of economic development, despite its abundance of mineral resources
According to him, half of the world's gold are in South Africa, Ghana, Tanzania, Mali and Democratic Republic of Congo while one third of all mineral resources are in Africa
Prof.Omoteso blamed the setback in Africa on corruption, inter tribal wars and mismanagement of resources, stressing the need for devising new idea, method or approach to move Nigeria and the entire Africa forward
He maintained that educational and research institution such as LASU must come up with strong and purposeful research and collaborate with government within the ecosystem to foster economic development
Similarly, Dr. Oyeyemi Ayoola in her keynote speech at the annual conference, says it is essential for countries in Africa to synergies, by having robust institutional dynamics that will regulate the continent, promote innovation and creativity that will engender inclusivity and geometrically transform the current economic growth and development narratives in Africa.
The Special Adviser to Lagos State Governor on Central Internal Audit is worried that Africa is bereft of significant inclusive economic development due to
lack of requisite institution that will be intentional and persistent in establishing
and entrenching structures that will engender the continent’s inclusive
economic growth.
"Strong Institutional dynamics matters for providing economic incentives for
investors, improving corporate governance and at reducing transaction cost, whereas, weak institutional dynamics causes policy inconsistency, market failures and corruption that slows down development", she stated
According to the keynote speaker, various Regional Economic Communities (RECs) in Central Africa, East Africa, North Africa, Southern Africa and West Africa must come together to develop policy and share good practices and recommendations across the continent to attract attract investments that offers the best stability between economic, social and environmental objectives
Dr.Ayoola concluded that there must be
robust institutional dynamics that will regulate the continent, promote innovation and creativity, thereby engendering inclusivity and geometrical transformation in the current economic growth and development narratives in Africa
Chairman of conference, Dr. Oba Oluwaseyi equally shared the same position with the both lead and keynote speakers, calling for unity among African countries to overcome the challenges of corruption, lack of transparency and efficiency
He emphasized the importance of Institutional reforms to drive economic growth to create more job opportunities for young Nigerians to excel
"Researchers and students at the Lagos State University and research institutions must push for reform to influence policy makers to build the desired strong institutions and prosperous future for Nigeria and Africa
Earlier, the Vice-Chancellor of LASU , Prof. Ibiyemi Olatunji-Bello declaring the conference open, expressed commitment of the university to fostering intellectual engagement, advancing research excellence and creating platforms for dialogue at national, continental and global levels
"This conference stands as yet another testament to that commitment", she stated
The Vice-Chancellor represented by the Dean, Faculty of Education, Prof. Olugbenga Akindoju, described the theme of the conference "Institutional Dynamics Innovation and Inclusive Economic Development In Africa", as not only timely but profoundly strategic
Africa according to her, is at a defining moment in its development trajectory
"The continent faces complex governance challenges, rising expectations for public accountability, technological disruption and socio-economic inequalities that demand urgent attention. Yet Africa is equally rich with opportunities: a youthful population, emerging markets, fast growing digital sector and increasing regional integration through initiative such the AfCFTA "
"To fully harness these opportunities, we must interrogate and strengthen our institutional frameworks , we must rethink policy direction and we must encourage innovation as a driver of competitiveness and inclusive growth", she maintained
The Vice-Chancellor then commended the Faculty of Management Sciences led by the Dean, Prof. Akanji Rafiu Bankole for sustaining the faculty's academic visibility, strengthening its scholarly contributions and embracing an international outlook that enriches the global engagement while appreciating the participants with their presence at the conference
The Dean of Faculty of Management Sciences, Prof. Bankole and Chairman of the two -day Conference Planning Committee, Prof. Khadijah Adeola Idowu later presented awards to the Vice-Chancellor, lead paper presenter, key-note speaker and Chairman of the event
No comments:
Post a Comment