Professor of Political Economy and Development Studies in the Department of Political Science, Faculty of Social Sciences, Nasarawa State University, Keffi, Professor Eugene Tarkende Aliegba has said that for Nigeria to develop and take its rightful position as an Industrialised nation it needs to borrow some lessons from the South Korean experience.
Professor Aliegba gave the submission when he delivered the 37th Inaugural Lecture Series of the University, with the topic “The Developmental State And Industrialization In Nigeria, Lessons From South Korea” on Wednesday 25th October 2023 at the Assembly Hall of the University.
The Professor of Political Economy and Development Studies citing specific strategies Nigeria can learn from the South Korean experience noted that the Korean state’s Industrial success has been premised on the choosing of particular industries at a particular point and period, and designing them as priority sectors. When this identification is done government then moves in massive support to build them and give them heavy control.
He noted that these industries so designated are given priorities in acquiring credits and foreign exchange and state investment funds, preferential tax treatments and other supporting measures including import protection and entry restrictions, however, in return for these favours they become subject to state control on technology entry capacity expansion and prices.
Professor Aliegba further maintained that apart from the happy combination of national consciousness and efficient planning, part of Korean success must be attributed to its skilful diversification of industries noting that it did not simply rely on one profitable sector and assumed that would be profitable for evermore like Nigeria solely depends on oil, but it expanded into other areas like petrochemicals, cement, processed foods, plywood, paper and paper products etc, this ensured that Korea not only grew more quickly than it’s rivals but also insured its future through diversification.
Earlier, in his welcome remarks, the Vice-Chancellor represented by the Deputy Vice-Chancellor Academic, Professor Abdullahi Sallau Modibbo while congratulating the 37th presenter in the series noted that the topic of the Inaugural lecture is apt and takes into reflection the fact that Nigeria is technologically backward and needs to draw inspiration from developed economies like Korea so that it can stand tall in the comity of nations
The event featured goodwill messages from the Dean, of the Faculty of Social Sciences, Professor Yahaya Adadu, the former Governor of Benue State, Distinguished Senator Gabriel Suswam, the Vice-Chancellor of Karl Kumm University, Vom, Professor A.N. Gambo amongst other distinguished personalities who came to show solidarity with Professor Aliegba.
The High Point of the event was the presentation of a plaque of honour to the 37th Inaugural Lecturer by the representative of the Vice-Chancellor Professor Abdullahi Sallau Modibbo.
Professor Eugene Aliegba is currently the Director of the Brunon Holyst Institute for European Studies, Nasarawa State University, Keffi.