Abuja: Nigeria’s development goals will remain elusive without a concerted strategy to strengthen institutions, foster innovation, and accelerate digital inclusion, according to Prof. Uche Uwaleke, President of the Association of Capital Market Academics of Nigeria (ACMAN). Prof. Uwaleke emphasized these points during the inaugural International Management Science Conference hosted by the Faculty of Management Sciences at the University of Abuja.
According to News Agency of Nigeria, the conference aimed to explore avenues for driving economic growth through innovation and governance. Prof. Uwaleke, who is also a Professor of Capital Market at Nasarawa State University, Keffi, presented a lead paper at the event. He highlighted the importance of expanding investment in digital infrastructure and institutionalizing transparency and accountability in governance to achieve inclusive economic growth.
Prof. Uwaleke stressed that leveraging innovation, governance, and digital transformation is crucial for achieving inclusive and sustainable growth. He underscored that innovation creates new opportunities, digital technologies enhance and expand these opportunities, and governance ensures equitable distribution and sustainable management.
He called for a holistic and coordinated strategy toward inclusive growth, emphasizing the need for significant investments in sectors like agriculture and manufacturing. This strategy aims to foster inclusive economic growth and benefit Nigerians.
The professor also advocated for the strengthening of institutions, enhancing transparency, accountability, and regulatory consistency. He suggested that institutional reforms should focus on improving contract enforcement, protecting intellectual property rights, and reducing corruption.
Prof. Uwaleke proposed accelerating digital infrastructure investments and expanding broadband penetration to underserved rural areas through public-private partnerships. He also recommended subsidized data access for disadvantaged groups and the promotion of renewable energy solutions to address power constraints.
He called for increased funding for research and development, incentivizing university-industry collaboration, and providing targeted support for affordable and resource-efficient innovations that tackle Nigeria’s local socio-economic challenges. Additionally, he suggested promoting inclusive digital literacy and launching a nationwide digital literacy program, particularly targeting women, youth, and rural populations.
This approach, he noted, would ensure equitable participation in the digital economy, leverage regional and global partnerships, and maximize benefits from the African Continental Free Trade Area (AfCFTA) and global climate financing to diversify Nigeria’s economy. It would also enhance competitiveness and position Nigeria as a hub for innovation-driven growth.
In summary, Prof. Uwaleke stated that Nigeria’s path toward inclusive and sustainable development requires strong institutions and a commitment to innovation and digital transformation. If pursued strategically, these pillars could unlock Nigeria’s full potential, transforming its demographic dividend and abundant resources into shared prosperity for all.