A Professor of Accounting at Lagos State University, Ojo, Lagos State, Babatunde Yusuf, has stated that Nigeria lacks the innovation needed to produce goods for domestic consumption.
Reflecting on the country’s history, Prof. Yusuf recalled how, 30 years ago, imported goods were not as prevalent in Nigeria.
He lamented that the lack of innovation in local production has resulted in the country’s heavy reliance on products from China.
The professor made these remarks while delivering a lecture titled “Optimising Intellectual Capital for a Robust Performance: A Dilemma for the 21st Century Firm” at the fifth edition of the Candido Da Rocha Annual Memorial Lecture held at the Osun State University main campus in Osogbo.
“We lack innovation in Nigeria. 30 years ago, nobody wanted a product from China, but today, virtually all products come from China, and they achieved this through intellectual capitalism,” he said.
He further criticised Nigeria’s poor standing in intellectual capital, citing that the country’s score of 25.4 per cent is far below that of South Africa (43.5 per cent), Morocco (44.3 per cent), and Rwanda (39.2 per cent).
“No firm can operate in a closed environment, and the government is not helping matters. Basic amenities needed for businesses—such as roads, water, and electricity—are not provided,” he added. “The current administration has worsened the situation. How can a business thrive with nearly 30% interest rates? Nigeria has resources, and that is the only area it can compete globally.”
In his address, the Vice-Chancellor of UNIOSUN, Prof. Clement Adebooye, called for a change in mindset among Nigerians to improve the nation’s capacity to produce goods locally.
“The difference between developing and developed countries is technology, which is rooted in intellectual capital. That’s what they leverage. We must raise our intellectual capital from 25.4 per cent to at least 50 per cent in the next few years if we want to build a nation that will stand the test of time. We must change the way we think as Nigerians,” he said.