Leadership and public policy expert, Dakuku Peterside, has identified weak institutions, poor management and inconsistent policy implementation as major obstacles preventing Nigeria from turning 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 participants called for stronger institutions, professional management and greater cooperation between government and the private sector.
He said Nigeria’s development problems were not primarily caused by a shortage of resources, but by weaknesses in the institutions responsible for managing those resources.
“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 Nigeria to transition from relying on resource wealth to building institutional wealth by investing oil revenues in education, infrastructure, technology, research, manufacturing, agricultural value chains, logistics and human capital.
Using Botswana and South Korea as examples, Peterside said prosperous countries were not defined simply by what they possessed, but by 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 cautioned against excessive dependence on oil, saying such reliance could encourage rent-seeking, create fiscal instability and distort economic incentives.
He said Nigeria must make a deliberate decision on whether its petroleum wealth would be channelled towards economic transformation or consumed without creating sustainable growth.
“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, called for a shift from personality-driven leadership to institution-based governance.
“No nation can rise above the strength of its institutions,” Ogunsanwo said.
He said governance should focus less on the identity of the person occupying an office and more on the systems established to ensure 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 critical pillars of good governance, while advocating responsible use 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 stronger cooperation among professional institutions, governments and private-sector organisations.
Ayuba said NIM had built six and a half decades of strategic management research, policy insights and practical administrative models that could support improved policymaking in Nigeria.
“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.”
