Professor Banji Oyelaran-Oyeyinka continues Global Book launch with Lecture at LSE
Professor Banji Oyelaran-Oyeyinka, Senior Special Advisor to the President on Industrialization, African Development Bank, delivered a lecture on 14 May at the London School of Economics and Political Science (LSE) as part of the international launch of his latest book. This marks the second major stop on the book’s launch tour, following a well-attended lecture at Harvard University in Boston earlier this year.
The book, “From Reversal of Fortune to Economic Resurgence: Industrialization and Leadership in Asian Prosperity and Nigeria’s Regress”, co-authored with Dr. Oyebanke Abejirin and published by Anthem Press, investigates the stark divergence in development outcomes between Nigeria and a group of Asian economies that began from similar starting points in the post-colonial period. The book has received global recognition for its unique approach to analyzing and erudition.
In his presentation at LSE, Professor Oyelaran-Oyeyinka shared insights from the book in a paper titled “Divergent Outcomes: Asia and Africa Development Strategy”. He examined how four countries, namely, Vietnam, Indonesia, Malaysia, and Bangladesh, were able to transform key sectors, including agriculture, manufacturing, and textiles, into competitive, export-oriented industries. By contrast, despite possessing similar resources and initial conditions, Nigeria’s economy has faced stagnation, largely due to its overreliance on oil exports and a lack of diversification.
The book and lecture articulate what he terms Nigeria’s ‘reversal of fortune’, a situation in which the country once held an economic advantage over several Asian nations in income per capita and industrial potential, but now lags significantly behind. Through empirical data deriving from several development indicators, Professor Oyelaran-Oyeyinka outlined three major causes for Nigeria’s underperformance: the failure to transition from resource dependence to diversified industrial production, resource dependence resulting in shocks from volatility of oil-based revenues, and persistent gaps in political leadership and institutional capacity.
In his analysis, Professor Oyelaran-Oyeyinka argued that industrialisation does not occur by accident. It requires deliberate action, visionary leadership, and sustained investment in education, technology, and long-term policy planning. Countries that made early investments in these areas were able to build competitive economies that navigated external shocks and maintained steady growth. Nigeria, however, has struggled due to its continued dependence on commodity exports and the importation of finished goods, which has hindered the development of a robust industrial base.
The event at LSE generated lively discussions among academics, students, and policymakers, sparking important dialogue about the challenges facing resource-rich countries and the need for visionary leadership to ensure sustainable development.
The next stop on the book tour will be a fireside chat at the University of Cambridge. During this event, Professor Oyelaran-Oyeyinka will continue his conversation on leadership in development and the lessons African nations can learn from successful economies in Asia.
The author expresses his unwavering faith in Nigeria’s manifest destiny of greatness. He explained that most nations that suffered “reversals” eventually overcame through persistence and leadership.
Book Information
From Reversal of Fortune to Economic Resurgence: Industrialization and Leadership in Asian Prosperity and Nigeria’s Regress
By Banji Oyelaran-Oyeyinka and Oyebanke Abejirin
Published by Anthem Press, 2025
