Weak institutions, poor management holding Nigeria back — Peterside

LAGOS — Leadership and public policy expert, Dakuku Peterside, has identified weak institutions, poor management and inconsistent policy implementation as major factors preventing Nigeria from translating its vast natural and human resources into widespread prosperity.

Peterside spoke at the ongoing 2026 Annual National Management Conference of the Nigerian Institute of Management (NIM) in Lagos, where stakeholders called for stronger institutions, professional management and closer collaboration between government and the private sector.

He said Nigeria’s development challenge was not a lack of resources but the weakness of institutions responsible for managing them.

“Development occurs when natural wealth is converted into institutional wealth,” Peterside said, describing institutional wealth as “capable people, credible systems, reliable laws, efficient agencies, transparent processes and productive enterprises.”

He urged the country to move from resource wealth to institutional wealth by investing oil revenues in education, infrastructure, technology, research, manufacturing, agricultural value chains, logistics and human capital.

Drawing comparisons with Botswana and South Korea, Peterside said countries prospered not merely because of what they possessed, but because of how effectively they organised and managed their resources.

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

Peterside also warned against excessive dependence on oil, saying it could fuel rent-seeking, fiscal instability and distorted economic incentives.

He said Nigeria must make a deliberate choice on whether its petroleum wealth would be used to finance economic transformation or consumption.

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

Also speaking, the Alara of Ilara Kingdom and Chancellor of Lagos State University (LASU), Oba Olufolarin Ogunsanwo, urged the country to move away from personality-driven leadership towards institution-driven governance.

“No nation can rise above the strength of its institutions,” Ogunsanwo said.

He argued that the focus of governance should shift from the identity of the person in charge to the systems established to deliver effective administration.

“The important question should not always be, ‘Who is in charge?’ The more important question is, ‘What system is in place?’” he said.

The monarch identified competence, integrity and accountability as essential pillars of governance, while calling for the responsible deployment of Artificial Intelligence and other emerging technologies.

“Technology is a tool; it must serve humanity, and humanity must not become a slave to technology,” he cautioned.

Earlier, NIM President and Chairman of Council, Commodore Abimbola Ayuba, called for closer collaboration among professional institutions, governments and the private sector.

Ayuba said NIM had accumulated six and a half decades of strategic management research, policy insights and practical administrative models that could contribute to better national policymaking.

“NIM houses six and a half decades of strategic management research, policy insights and practical administrative models. We urge government decision-makers to draw directly from this rich vault when designing national policies,” he said.

“Our objective is clear: to build resilient management systems, drive public sector efficiency, and nurture a culture of accountability.”