Lagos, Nigeria — A senior lecturer at the University of Lagos (UNILAG) has raised concerns over Nigeria’s economic strategy, warning that the country’s focus on attracting investment without simultaneously building local capacity could undermine long-term growth.
Speaking at a recent public forum, the academic stressed that while foreign and domestic investments are vital for economic expansion, they cannot deliver sustainable development if Nigeria fails to strengthen its human capital, infrastructure, and institutional capacity.
Nigeria has consistently promoted itself as an attractive destination for investors, highlighting its large population, expanding consumer market, and abundant natural resources. However, the UNILAG Don argued that these advantages are being undercut by weak capacity in critical areas such as manufacturing, technology, and skilled labor.
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He explained that when investments flow into an economy without adequate local expertise or infrastructure, the benefits are often short-lived. Investors may exploit opportunities but leave behind little in terms of lasting development. This creates a cycle where Nigeria remains dependent on external actors rather than building internal resilience.
According to the lecturer, Nigeria’s workforce must be equipped with modern skills to meet the demands of industries being attracted into the country. Without a strong base of engineers, technicians, and innovators, investments in sectors like energy, ICT, and manufacturing will struggle to thrive.
He also pointed to infrastructure gaps — unreliable power supply, poor transport networks, and limited access to technology — as barriers that reduce the efficiency of investments. “An economy cannot grow on investment alone; it must be supported by capacity that ensures productivity,” he noted.
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The warning comes at a time when Nigeria is seeking to diversify its economy away from oil dependence. The government has rolled out policies to encourage investment in agriculture, technology, and renewable energy. Yet, experts argue that without capacity building, these initiatives may not achieve their intended impact.
The UNILAG Don emphasized that economic growth is not measured only by the volume of investment but by how much value is created locally. If Nigeria continues to rely on external expertise and imported technology, the country risks widening its unemployment gap and missing opportunities to empower its citizens.
He urged policymakers to balance investment promotion with deliberate efforts to build capacity. This includes investing in education, vocational training, research, and innovation. By strengthening institutions and empowering citizens with skills, Nigeria can ensure that investments translate into sustainable development.
The lecturer also called for stronger collaboration between government, universities, and the private sector. He argued that universities should play a central role in producing the skilled workforce needed to drive industrial growth, while the private sector should invest in training and knowledge transfer.
Nigeria’s economic future, he concluded, depends on striking the right balance between attracting capital and nurturing capacity. “Investment is important, but capacity is the engine that sustains growth. Without it, we risk building castles on sand,” he warned.
The message resonates with broader concerns about Africa’s development trajectory, where many countries face similar challenges of balancing foreign investment with local empowerment. For Nigeria, the choice is clear: build capacity alongside investment or risk stagnation in the long run.
