Development should be mission of policymakers—Prof Omobitan
Professor of Economics, Department of Economics, Faculty of Social Sciences, Lagos State University (LASU), Olufunsho Abayomi Omobitan, has made it clear that developmental strategies should be the mission and responsibility of policymakers.
Prof. Omobitan took the position as part of his recommendations while delivering the 97th Inaugural Lecture of the Lagos State University on Tuesday, July 30, 2024 at Ojo.
He said, “Development should be seen as well-encompassing and should be the mission of policymakers. Sectional growth wherein some micro units are seen thriving well and others are not. Thus, policymakers should engage in inclusive growth rather than growth for self-mission. In this case, resources meant for the nation at large should be utilised judiciously by embarking on long-term projects that can positively change the life span of the entire masses.”
Prof. Omobitan spoke on the topic “The Logic in Corruption and Development: Is Corruption Bad? Is Development Good? Credence and Perception.”
He also recommended reduction in the level of corrupt practices and improvement in the level of development, saying “While corruption is seen in some cases to enhance activities in terms of cutting off bureaucratic processes, it generally slows down development missions. Similarly, while development due to technological advancement results in the loss of some notable opportunities, it is generally good for progress attainment and to heighten the competitiveness of a nation. He said What is therefore good is to reduce the level of corrupt practices and improve the level of development. This creates some optimality in both the short and long run. Thus, in the light of the above,”
Prof Omobitan also spoke on the interrelatedness of corruption and poverty. “Poverty and corruption are interrelated and in fact, corruption determines poverty while poverty too results in corruption. Policymakers over time have been particularly interested in lowering poverty levels and this is well pronounced in the sustainable development goals. Adequate machinery in terms of putting in place equal distribution of wealth, and reduction in unemployment, among others, will reduce poverty and lessen corruption in the society with the results that development increases.”
He added that Transparency matters a lot and determines individuals’ levels of trust in the governments and various individuals at large. He said that one of the reasons for the height of corruption is the lack of trust in the society wherein the ruled do not believe in the rulers as everyone does things for his/her personal gains.
He also advocated self-reliance as one sure way to eliminate corruption or bring it to the barest minimum. “A strong cause of corruption in Nigeria is the lack of self-reliant attitude which often leads to over-dependence. It is better to gain little from a self-reliant mission than to gain largely from over-dependence. The former brings about long-term sustainability while the latter may be impeded through some temporary shocks. The pre-independence experience is a good example of when Agriculture was the mainstay of the economy contributing over 90% of the GDP and export flows were largely dependent upon huge foreign exchange.”
He added that decentralisation should be taken more into consideration in which the local, state and national levels are independent. “The local governments are close to the masses and resources should be allocated directly to them. With this, each local government would be able to fix the needs in terms of socio-economic infrastructure rather than concentrating whole on the state and federal levels. What can only be done is efficient monitoring to ensure effective utilisation. This would be the case where the monitoring is being monitored. In the long run, there would be adequate distribution of resources in terms of infrastructural development which subsequently leads to inclusive growth and development.”
Omobitan concluded by saying that corruption is endemic and is a social vice with the quest for greed which cuts across all nations of the world. He however, stated that some countries are quite far from corruption and its effects on development. He said that less corrupt countries are reaching the height of development. “Allowing corruption because it removes some bureaucratic procedures for efficiency and rapid investments is no justification for corrupt practices. Sincerity, honesty and coming to the court of equity with clean hands are the basic options for having a fair corruption-free society, which can facilitate development in Nigeria. There have been claims about the benefits of corruption in developing countries like Nigeria; however, corruption appears endemic generally and the costs of controlling it seem too high.”
