Peterside tasks policymakers on institutional reforms

A leadership and public policy expert, Dakuku Peterside, has attributed Nigeria’s failure to translate its vast natural and human resources into broad-based prosperity to weak institutions, poor management, and inconsistent policy implementation.

Peterside spoke while delivering the keynote address at the 65th Annual National Management Conference of the Nigerian Institute of Management in Lagos.

He noted that the country’s primary development setback was not a shortage of resources, but the quality of institutions tasked with managing those assets.

He urged the Federal Government to urgently transition “from resource wealth to institutional wealth,” advising that oil revenues be redirected toward productive sectors such as education, infrastructure, technology, research, manufacturing, agriculture, logistics, and human capital.

“Development occurs when natural wealth is converted into institutional wealth,” Peterside said, defining institutional wealth as capable human capital, credible systems, reliable legal frameworks, efficient agencies, transparent processes, and productive enterprises.

Comparing national growth models, he cited Botswana and South Korea to demonstrate that natural endowments alone do not guarantee economic success.

He explained that while Botswana leveraged its diamond deposits through institutional stability, property rights, and prudent financial management, South Korea achieved industrial growth through export-driven policies, strong infrastructure, and education investments.

• Ogun First Lady bags Master’s 35 years after first degree
• Nigeria needs stronger governance to tackle corruption, mismanagement – NIM
• Improved security tops govs’ plans for S’South

He added that Nigeria was previously ahead of China and Malaysia in per capita income before being overtaken due to sustained growth in those nations.

“Potential is not destiny. History does not reward potential; it rewards organised potential,” Peterside declared.

He cautioned against over-reliance on crude oil, warning that it fosters rent-seeking, fiscal instability, and distorted market incentives.

The former Director-General of the Nigerian Maritime Administration and Safety Agency advised professional managers and policymakers to enforce meritocracy, accountability, measurable targets, and institutional memory across the public sector.

“Institutions become strong not because they occupy impressive buildings, but because they deliver predictable outcomes,” he added.

Speaking earlier, the Alara of Ilara Kingdom, Oba Olufolarin Ogunsanwo, stated that the nation’s growth challenges stemmed from a lack of intentional institution-building and character-driven leadership.

In his remarks, the President and Chairman of Council, NIM, Commodore Abimbola Ayuba (retd.), urged professional managers to act as catalysts for systemic change across public and private enterprise.