Weak institutions, poor management holding Nigeria back — Peterside

Leadership and public policy expert, Dakuku Peterside, has blamed Nigeria’s inability to convert its vast natural and human resources into widespread prosperity on weak institutions, poor management and inconsistent policy implementation.

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

He said:  “Nigeria’s fundamental development problem is not a shortage of resources but the weakness of institutions responsible for managing them.  Development occurs when natural wealth is converted into institutional wealth.’’

He described institutional wealth as “capable people, credible systems, reliable laws, efficient agencies, transparent processes and productive enterprises.”

He urged Nigeria to move urgently “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 argued that, “countries prosper not merely because of what they possess, but because of how effectively they organise and manage their resources.

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

He warned: “Excessive dependence on oil could fuel rent-seeking, fiscal instability and distorted economic incentives,” adding that Nigeria must decide whether its petroleum wealth would finance transformation or consumption.

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

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

 Ogunsanwo said:  “No nation can rise above the strength of its institutions.   The important question should not always be, ‘Who is in charge?’ The more important question is, ‘What system is in place?’”

He identified competence, integrity and accountability as essential pillars of governance, while urging the responsible deployment of Artificial Intelligence, AI, and other emerging technologies.

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

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

“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.

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