Limits of wealth without science and technology

The oil and gas industry is one of the world’s largest industries with huge revenues. The price of oil is determined by global powers; however revenues derived from the sale of oil in the international market do not lead to economic and social developments in Africa. Two arguments have been posited by political economists to explain why oil does not guarantee development in Africa. The economic aspect of the argument blames poorly implemented micro-economic policies of governments in Africa resulting in an increase in consumer demand without a corresponding supply by the local market. The result is over dependency on the booming oil sector to procure foreign made goods and services. The political aspect of the argument blames African governments for poor governance. Irrespective of views expressed by political economists, the revenue accruable from oil is limited in its capacity to bring prosperity to the people unless it is invested in generating indigenous technological innovation for industrialization.

Industrialized nations have accepted science and technology as a way of life, while oil rich African nations are using monies realized from sale of oil and gas to procure capital goods from abroad at exorbitant costs. These oil rich African nations are always spending funds derived from sale of oil to import all manner of finished products. They have not taken time to ask how and why their counterparts in other climes are making it while they remain technologically underdeveloped. I have a feeling that most oil rich African nations are very comfortable with their technological backwardness. They will always argue as to why science and technology may not be necessary to economic development. Some in exalted offices will say “we can always import whatever we need because money is always available. The only problem is how to spend the money”.

The year 2020 is fast approaching when the entire world is to acknowledge that we are the twentieth most industrialized economy. This is in line with our strategic vision (Vision 20:2020). By implication, our collective expectation is to be at par with Poland that is currently the twentieth most industrialized nation, we must therefore imbibe a culture that works on science and technology. According to World Bank Report, Poland has a GDP of 781.5 US Dollars, an inflation rate of 0.44 percent and unemployment of 9.5 percent. The same World Bank Report reveals that Nigeria currently has a GDP of 522.6 US Dollars, with an inflation rate of 8.3 percent, while 80 percent of youths within the working age are either unemployed or underemployed. The Human Development Index (HDI) ranking by the UNDP for the year 2013 ranks Nigeria as 152nd out of 187 countries, while Poland ranks 35th. After carefully examining these figures, one is tempted to ask whether Nigeria’s inflation rate by the year 2020 would have reduced to 0.44 percent and the unemployment of our youth reduced to 9.5 percent. To what extent will numerous economic policies take us when the nation has poor human development index and it is technologically backward? Have we cleverly adopted the “Chicken-out Strategy” when it comes to science and technology?

Today, report from National University Commission reveals that Nigeria has 129 universities with some offering various science and engineering courses. Some of the universities are referred to as federal university of technology, while the NBTE reports that the country has 56 polytechnics, 23 monotechnics and 132 technical colleges. There are also 22 research institutes in the country all of which are funded by the Federal Government. All these efforts indicate that the nation is aware of the prominence of science and technology in economic development. It is a pity that these institutions are sluggish in driving our process of industrialization. Most of these institutions’ performances are below par because of alleged poor funding and lack of modern teaching facilities. The recently released May/June WAEC organized secondary school certificate examination result is unacceptably poor. Only 31.2 percent of those who sat for the examination had credit pass in 5 subjects including English and Mathematics. This has been the pattern for almost two decades and it appears we are very comfortable with this lackluster performance. If this ugly trend remains unchecked, it will affect national efforts towards economic development. The general attitude of the society must change as we all have a collective responsibility to encourage hard work. It is only when our institutions produce globally competitive students that they can be part of this newly articulated Nigerian Industrialization Plan. Otherwise the Plan will merely be on paper as many of our youths may find it difficult to be part of the process.

The inability of science and technology to industrialize our country is due to inadequate understanding of the complex interaction among scientific research, technology, industry and the society. India has the third largest number of scientists and technologists but it is not regarded as a developed country. India has been focused and consistent with her policy on industrialization. 

The use of inconsistent policies and theories to stimulate wealth can be likened to medical myopia where a patient is not properly diagnosed. When left untreated, blindness may be the consequence for the unfortunate patient. The funds accruable from the sale of oil cannot bring about the desired wealth, generate employment and reduce inflation except we embrace science and technology. We need to understand how the world works. The year 2020 is fast approaching, I passionately request our strategic thinkers to re-strategize to enable Nigeria be the twentieth most industrialized nation in the world. The power of nations is not determined by oil and gas, it is through science and technology. 

M.A. Johnson